[Viewpoint] The Birth of the New Middle-aged

The year 2020 marks the Year of the Rat. Over the past decade since 2010, South Korea has successfully overcome the global financial crisis and reached the threshold of an advanced economy by achieving a per capita Gross Domestic Product (GDP) of $30,000.

The Korean Wave (Hallyu) has spread worldwide, establishing the country as a holder of global soft power. However, since 2017, the working-age population (ages 15?64) peaked at 38 million and has been rapidly declining. The economy is trapped in low growth, rapidly shifting from a "growth economy" to a "shrinking economy." Total population growth is also expected to turn negative within five years. This is the so-called "population cliff." As Japan experienced over the past 20 years, in markets where the number of customers decreases, fierce survival competition among companies will ensue, and many businesses will end in failure.

As we enter 2020 and plan for the new decade, it is necessary to pay close attention to the "birth of the New Middle-aged" to prevent the rapid decline of our economy and enhance sustainability through diverse discussions and solutions across political, economic, social, and cultural fields.

According to Erikson's nine-stage life cycle theory, ages 35 to 55 are defined as middle age, and 65 and above as elderly. However, with increasing healthy life expectancy and significant advances in healthcare technology and knowledge, previous age classifications no longer hold meaning. Since 2010, it has become a global trend to define elderly as those aged 70 and above, subdividing old age into early old age (70?79) and late old age (80+). Therefore, it is necessary to newly introduce the concept of "New Middle-aged" (ages 50?69) as a second middle age in addition to the existing middle age (35?50).

In the United States, the post-war baby boomer generation (born 1946?1964) is sometimes referred to as the "Encore Career" generation. Now aged 56 to 74, these American baby boomers still hold significant influence due to their asset holdings and active participation in society, effectively living a second middle age or "second curve." This generation has completed their first middle age (35?55) and is now living a strong and vigorous second middle age.

In Korea, those born between 1951 and 1970 correspond to the New Middle-aged. Currently estimated at 15 million people, their number is expected to increase to 16.58 million by 2025. This is an enormous figure, approaching one-third of the total population. I am confident that if the consciousness and behavior of these Korean-style New Middle-aged baby boomers change in a direction beneficial to the Korean economy, they can lead significant changes in our society.

Linda Gratton, author of the representative book "The 100-Year Life," argues that the era of a three-stage life?education, work, and retirement?is over in the 100-year lifespan era. She says adults in the 100-year era must live a portfolio life of employment, job changes, re-education, and working again. Thomas Jefferson, the figure engraved on the U.S. two-dollar bill and the third president of the United States, said, "Every generation needs a new revolution." The new revolution given to Korea’s baby boomers is "living a second middle age."

This time, they must guide the Korean economy’s soft landing not as "kkondae" (authoritarian elders) but as "mentors," not as "bosses" but as "collaborators," working together with younger generations. Let us remember that it is desirable for both the New Middle-aged generation and Korean society that they renew their lives and actively engage in new work and social service activities.

Truly, the first generation in Korean history to live middle age twice has been born.

Seoyonggu, Professor, Department of Business Administration / Graduate School of Business, Sookmyung Women’s University