Elderly Wanting to Work Due to Living Expense Shortages... Half of the Senior Population Say "I Am Lower Class"

60% of Elderly Say "Insufficient Living Expenses"
Support is Family and Government Responsibility

It was found that 6 out of 10 elderly people aged 65 and over perceive their income level as insufficient compared to their living expenses. About half of the elderly aged 65 to 74 considered their socio-economic status to be low.

According to the "Characteristics and Changes in Awareness of the Elderly" released by Statistics Korea on the 16th, the relative poverty rate of the elderly aged 65 and over in 2021 was 30.5% for those aged 66 to 75, and 51.4% for those aged 76 and over. Although the relative poverty rate of all elderly decreased compared to 10 years ago, the gap in relative poverty rates between the elderly aged 66 to 75 and those aged 76 and over widened.

In 2021, the proportion of households aged 65 to 74 and 75 and over who thought their actual income level was insufficient compared to average living expenses was 59.3% and 63.8%, respectively. Compared to 10 years ago, the proportion of households aged 65 to 74 and 75 and over who felt their income was insufficient increased. Subjective income levels in 2011 were 57.5% for those aged 65 to 74 and 61.6% for those aged 75 and over.

In 2021, the main method of securing living expenses for the elderly aged 65 to 74 and 75 and over was borne by themselves or their spouses at rates of 78.7% and 46.0%, respectively, the highest proportions. Support from children and relatives decreased compared to 10 years ago. Among those who directly secured living expenses themselves or with their spouses, 54.2% of the 65 to 74 age group earned income from work or business, which was the highest. For those aged 75 and over, pensions and retirement benefits accounted for 42.4%.

Among the elderly aged 65 to 74, 46.8% perceived their socio-economic status as "low." This proportion increased to 59% among those aged 75 and over. However, compared to 10 years ago in 2011, these figures decreased by 10.5 percentage points and 6.1 percentage points, respectively.

Among elderly people aged 65 to 74, 66.8% were preparing for old age. Only 42.7% of those aged 75 and over were preparing for old age. This means that 6 out of 10 elderly people aged 75 and over are not preparing for their later years.

The number of elderly people who want to continue working due to insufficient living expenses also surged. In 2022, 59.6% of elderly people aged 65 to 74 wished to work in the future, and 39.4% of those aged 75 to 79 expressed the same. These figures increased by 11.9 percentage points and 11.8 percentage points, respectively, compared to 10 years ago.

As of last year, 56.7% of elderly people aged 65 to 74 and 52% of those aged 75 and over perceived that supporting parents is the responsibility of family, government, and society. Only 13.6% of those aged 65 to 74 and 12.1% of those aged 75 and over believed that parents should support themselves.

Meanwhile, the proportion of elderly people aged 65 and over in the total domestic population this year was 18.4%. The aging rate is expected to reach 31.9% by 2037. In 2037, the proportion of the population aged 75 and over is expected to exceed that of the 65 to 74 age group, with 16% compared to 15.9%.