More than one in three elderly South Koreans living alone have no one to talk to. (Image courtesy of Yonhap)
SEJONG, Sept. 28 (Korea Bizwire) – A recent government report reveals that more than one in three elderly South Koreans living alone have no one to talk to, highlighting a growing crisis of isolation among the country’s aging population.
Statistics Korea released its 2024 Elderly Statistics report on September 26, painting a stark picture of the challenges faced by South Korea’s senior citizens. The report shows that the relative poverty rate for retirees nears 40%, the second-highest among OECD countries.
Last year, there were 5.65 million households headed by individuals aged 65 or older, with 2.14 million (37.8%) of these being elderly people living alone. This proportion of single-person elderly households has been steadily increasing since 2015.
The survey found that nearly half (47.8%) of elderly individuals living alone were dissatisfied with their income, while only 20.7% expressed satisfaction. Consumer satisfaction rates were even lower, with 41.2% reporting dissatisfaction.
Isolation emerged as a significant issue, with 32.6% of elderly individuals living alone reporting they had no one to talk to. Furthermore, 34.8% said they had no one to ask for help with household chores when ill, and a staggering 71% reported having no one to borrow a large sum of money from in case of need.
More than one in three elderly South Koreans living alone have no one to talk to. (Image courtesy of Yonhap)
Alarmingly, 18.7% of elderly individuals living alone – nearly one in five – reported difficulties in all three areas: household help, borrowing money, and finding someone to talk to.
More than half (55.8%) of the elderly living alone stated they were either unprepared or not preparing for their later years. The National Pension was cited as the primary method of retirement preparation by 50% of respondents.
While the pension receipt rate for elderly individuals living alone reached 94.1% in 2022, the average monthly pension amount was only 580,000 won.
The report also highlighted the rapid aging of South Korea’s population. This year, the elderly population (aged 65 and above) reached 9.94 million, accounting for 19.2% of the total population. This proportion is expected to surpass 20% next year, 30% by 2036, and 40% by 2050.
Despite an increase in average assets, the relative poverty rate and income inequality index for the retired age group worsened. The relative poverty rate for those aged 66 and above rose to 39.7% in 2022, up 0.4 percentage points from the previous year, and the second-highest among OECD countries, trailing only Estonia.
The report also noted an increase in traffic accidents involving elderly drivers. In 2023, accidents caused by drivers aged 65 and above accounted for 20% of all driver-related accidents, up 2.4 percentage points from the previous year.
More concerningly, the proportion of fatalities from accidents caused by elderly drivers rose to 29.2%, an increase of 2.3 percentage points.
M. H. Lee (mhlee@koreabizwire.com)
