60% of South Korean adults support stabilizing the national pension system to ensure future generations can receive benefits at least equal to their contributions. (Image courtesy of Yonhap)
SEOUL, Oct. 23 (Korea Bizwire) – A recent survey has revealed that 60% of South Korean adults support stabilizing the national pension system to ensure future generations can receive benefits at least equal to their contributions.
The poll also showed that young people, particularly those in their 20s and 30s, harbor deep skepticism about the sustainability of the current pension system.
The survey, conducted on October 18 and 19 by the Youth Action for Pension Reform, gathered responses from 1,003 participants. According to the results released on October 22, 58.3% of respondents favored financial stabilization measures that would reduce pension debt to guarantee future generations can recover at least their contributed amounts.
Before questioning, participants were informed about the current state of the National Pension Service (NPS). As of 2023, the system’s unfunded liabilities reached more than 1,825 trillion won, exceeding its funded reserves of 1,035 trillion won.
The survey revealed a generational divide in attitudes toward the pension system. While 45.2% of all respondents agreed with the statement that the national pension system resembles a “multi-level marketing scheme” that saddles the younger generation with unbearable debt, this figure jumped to 63.2% among respondents in their 20s and 59.2% among those in their 30s.
Young adults also showed stronger support for more radical reform measures. When asked about a proposal to use government funds to settle the current 1,800 trillion won pension debt and abolish the system entirely, 31.3% of all respondents were in favor, while 54% opposed.
However, the proposal gained majority support among younger age groups, with 45.7% of respondents in their 20s and 48.3% in their 30s supporting abolition. Support dropped significantly among older age groups, with only 35.6% of those in their 40s and 27.7% of those in their 50s favoring abolition.
The findings were presented at a forum titled “What are MZ Generation’s Pension Reform Solutions for the Nation’s Future?” jointly organized by the Youth Action for Pension Reform and Representative Park Soo-young of the People Power Party, who chairs the National Assembly’s Special Committee on Pension Reform.
M. H. Lee (mhlee@koreabizwire.com)
