More older Koreans cover own living costs as support from children declines
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Aging accelerates as older population reaches 21.6% this year, set to exceed 40% by 2050
Kim, 70, who lives in Seoul’s Gwanak District, works as an attendant on a kindergarten bus, helping children board and get off safely. The pay is modest, but it helps cover everyday expenses and gives her some spending money.
“My son occasionally gives me money, but not regularly,” Kim said. “I don’t want to burden my son and his wife by asking them to cover my living expenses every month. As long as I stay healthy, I want to keep working, even if I earn only a small amount.”
An increasing number of older Koreans, like Kim, are covering their own living expenses rather than relying on support from their children.
Figures released Thursday by the Ministry of Data and Statistics showed that 74.7 percent of people aged 65 and older covered their living expenses themselves or through their spouses in 2024. That was an increase of 16.2 percentage points over a decade.
By contrast, the proportion relying on support from children or relatives dropped to 13.1 percent, down 15.5 percentage points over the same period.
The share of older people who want to work has also grown. This year, 58.7 percent of Koreans aged 65 to 79 said they wanted to work in the future, up 1.1 percentage points from last year. Among them, 50.4 percent cited helping cover living costs, while 38.7 percent cited the satisfaction of working.
These changes come as older people make up a growing share of Korea’s population. About 11.13 million people are aged 65 and older this year, accounting for 21.6 percent of the population.
Korea became a super-aged society last year, when that share reached 20.3 percent. The proportion is projected to exceed 30 percent in 2036 and 40 percent in 2050.
Household patterns are changing alongside the population. This year, some 6.5 million households, or 28.8 percent of the total, are headed by someone aged 65 or older. Of these, 38 percent are one-person households and 35.1 percent consist of couples living on their own.
Households headed by older people are projected to number more than 10 million in 2038 and account for more than half of all households by 2052.
Their finances have strengthened in some respects. Average net assets among households headed by older people reached 492.8 million won ($363,000) last year, up 26.85 million won from 2024.
Financial preparation for later life has become more common as well. Last year, 64.4 percent of people aged 65 and older said they were preparing financially for their later years, up 17.5 percentage points from a decade earlier.
Among those making preparations, 53.2 percent relied primarily on the national pension, followed by deposits and installment savings at 20.1 percent and occupational pensions at 10.2 percent.
Yet poverty remains widespread. In 2024, 37.7 percent of people aged 66 and older had incomes below half the median, the threshold used to measure relative poverty. That was down 2.1 percentage points from a year earlier.
Despite the decline, Korea’s rate remained high by international standards. In 2023, the reference year for OECD comparisons, it stood at 39.8 percent, the highest among members. That compared with 10.1 percent in Canada, 6.2 percent in France, 14.5 percent in Germany, 15 percent in Britain and 13.1 percent in Spain. Latvia was the only other member with a rate above 30 percent, at 34.3 percent.
A ministry official said continued employment support could help sustain the decline in poverty among older people.
“Continued government support for jobs for older people could help bring down their relative poverty rate,” the official said. “Their views on financial preparation for later life are changing as well.”