Elderly individuals manage living expenses on their own

An increasing number of seniors aged 60 and older are self-reliant when it comes to covering their living expenses, according to Statistics Korea. 8 out of 10 in this age group independently finances their life, while only 12 percent of elderly individuals receive financial assistance from their children or other family members.

Statistics Korea’s 2023 Social Survey Results revealed that 72.5 percent of individuals aged 60 and older either fund their living expenses entirely on their own or receive financial contributions from their spouses. This represents a 3.5 percentage point increase compared to the data from two years ago, and a significant 12.4 percentage point rise over the past decade. In contrast, support from children or other relatives has dwindled, accounting for just 12 percent of the elderly population, reflecting a 16.8 percentage point decrease over the last decade. This figure is almost identical to those who receive support from government programs or social organizations (11.9 percent). These results underscore the trend of more elderly individuals actively engaging in financial self-sufficiency rather than relying on their offspring. Statistics Korea has attributed this shift to a growing sense of responsibility among the elderly population for their post-retirement lives, which may, in part, be influenced by concerns about youth unemployment.

Furthermore, a growing sense of uncertainty prevails among the public, with over half expressing doubts that their children will enjoy a higher socio-economic status than they did. A significant 54 percent of individuals aged 19 and older believe their children are unlikely to experience upward social mobility, an increase from the 2013 figure of 42.8 percent. Conversely, those who anticipate social advancement for their offspring have decreased from 39.6 percent to 29.1 percent over the same period.

Regarding retirement planning, the national pension is the most popular choice, with 59.1 percent of respondents, followed by savings accounts (15.7 percent) and occupational pensions (8.1 percent). A significant proportion of the employed population, 54.6 percent, expressed concerns about job security, with individuals in their 40s being the most apprehensive (57.1 percent).


1am@donga.com