[News Terms] "Afraid of Dying Alone"... The Shadow of the 'Macheosedae' Trapped and Pressed

One in three people born in the 1960s, known as the "Macheo Generation," expressed concerns that they might die alone, according to a gloomy survey result.

The term Macheo Generation is a neologism meaning the last generation to support their parents and the first generation not to be supported by their children. Those born in the 1960s, often referred to as the 586 Generation, are mainly included in the Macheo Generation. Recently retired, they number 8.5 million, accounting for 16.4% of the total population. This is even larger than the 7.1 million Baby Boomers (born 1955?1963). Starting next year, beginning with those born in 1960, they will reach the legal senior age of 65 and are expected to become the main force of the silver generation.

The Macheo Generation benefited from Korea’s period of rapid growth but is also burdened with caring for elderly parents, children, and grandchildren, earning them the nickname "sandwich generation." Although they are young seniors who differ physically, culturally, and economically from previous elderly generations, they often express anxiety because they are so focused on caregiving for both parents and children that they have not properly prepared for their own retirement.

Their difficult lives are also reflected in statistics. According to the "April Employment Trends" released by Statistics Korea, employment among those aged 60 and over increased by 292,000 compared to a year ago, the largest increase among all age groups. In contrast, employment among young people decreased by 89,000 during the same period. This indicates that while young people, who should be actively working, are decreasing, older people who had left the job market due to retirement are re-entering employment, illustrating the harsh reality faced by the Macheo Generation caught in between.

Statistics on unemployment benefit recipients by age group also support this interpretation, with the 60?69 age group having the highest number at 192,369 (28.3%, as of April 2024). The increasing proportion of elderly recipients of unemployment benefits can be interpreted as many people aged 60 and over working in relatively unstable jobs such as non-regular employment.

Meanwhile, a web and mobile survey conducted by the Care and Future Foundation commissioned to Korea Research from April 8 to 15 targeting 980 people born in the 1960s found that 30.2% of respondents?about one in three?believe they will die alone. This concern was highest among low-income groups earning less than 2 million KRW per month, at 49.9%.

Additionally, 29% of survey respondents reported living with their own or their spouse’s parents, and among those with parents, 44% said they give an average monthly allowance of 730,000 KRW. Furthermore, 49% said their parents are ill and require care, and among them, 32% are directly caring for their parents. Moreover, 4% of respondents provide an average monthly financial support of 880,000 KRW to their children. Those supporting both parents and children, known as "double support," accounted for 15%, or about one in six to seven respondents. The average monthly cost of this double support was approximately 1.64 million KRW.