Nearly one in three South Koreans born in the 1960s fear dying alone. (Image courtesy of Korea Bizwire)
SEOUL, Jun. 4 (Korea Bizwire) – Nearly one in three South Koreans born in the 1960s fear dying alone, according to a recent survey, highlighting growing anxieties about inadequate care and financial instability for a cohort known as the last to have supported their parents and the first to receive little assistance from their children.
The survey, conducted last month by the Care for All Foundation, found that these baby boomers, who account for 16.4% of South Korea’s population, are struggling to provide economic support for their parents as well as their children, even as they approach retirement age.
Starting next year, the oldest members of this generation, born in 1960, will turn 65, the legal age for senior citizens in South Korea. With a population of 8.5 million, larger than the previous baby boomer generation, they represent a pivotal demographic shift.
According to the survey of 980 people aged 55 to 64, 44% of those with living parents provide an average monthly allowance of 730,000 won. Nearly half, 49%, said their parents required care, with 32% directly caring for them.
Additionally, 15% support both parents and children, spending an average of 1.64 million won per month on this double burden.
Despite nearing retirement, 70% still work to earn income, with 90% saying they want to continue working as long as their health allows. However, 46% worry about losing their current job. Among retirees, 54% have found re-employment or started businesses, holding an average of 2.3 jobs, citing reasons like “still being of working age” (37%), “financial need” (29%), and finding “a working life more rewarding” (17%).
While most assess their mental health and physical health positively, 46% have chronic conditions like hypertension or diabetes, and 44% feel they don’t manage their health well. They estimate their life expectancy at 85.6 years but expect 6.7 years of poor health.
Despite being economically active, 77% consider the start of old age as 70, five years past the legal threshold. The ideal retirement age is seen as 65.4.
While 89% believe individuals should be responsible for retirement, only 62% are actively preparing, with 80% relying primarily on the national pension. However, 81% worry about an income cliff after retirement if they cannot receive a pension.
Reflecting concerns about this generation’s inability to rely on their children for care, 98% believe care is essential in society, and 86% want expanded state services for the elderly, disabled and ill. Most, 52%, wish to receive care at home if needed, and 58% don’t want to enter nursing homes. For their final days, 46% prefer dying at home, though only 30% expect that possibility.
The anxieties are highest among low-income groups earning under 2 million won monthly, with nearly 50% fearing a solitary death.
“The baby boomers are physically, culturally and economically different from previous elderly generations and have distinct attitudes toward care,” said Kim Yong-ik, chairman of the Care for All Foundation. He emphasized tailoring policies to their needs before the Integrated Community Care Support Act takes effect in March 2026.
M. H. Lee (mhlee@koreabizwire.com)
