Both Income and Assets of Korean Elderly Increased... "The Elderly Standard is 71.6 Years Old"

Ministry of Health and Welfare's '2023 Survey on the Status of Older Adults'

Over the past three years, both income and assets of the elderly have increased. The average age at which people consider themselves 'elderly' rose by 1.1 years to 71.6 years compared to three years ago.

On the 16th, the Ministry of Health and Welfare announced the results of the '2023 Elderly Survey' containing this information. The Elderly Survey has been conducted every three years since 2008.

The survey results revealed the emergence of a 'new elderly generation' with higher income and education levels compared to previous generations. The annual income of elderly households was 34.69 million KRW, individual income was 21.64 million KRW, financial assets were 49.12 million KRW, and real estate assets were 318.17 million KRW, all showing significant increases compared to the 2020 survey. In 2020, household income was 30.27 million KRW, individual income was 15.58 million KRW, financial assets were 32.13 million KRW, and real estate assets were 261.83 million KRW.

Assets have also steadily increased. Last year, the scale of financial assets and real estate assets were recorded at 49.12 million KRW and 318.17 million KRW, respectively. Compared to 2020, these amounts increased by 16.99 million KRW (52.8%) and 56.34 million KRW (21.5%). Both asset size and real estate asset ownership rate (97%) are the highest since 2008.

The average age considered to be elderly was 71.6 years, up 1.1 years from 70.5 years three years ago. Responses were 20.9% for '69 years or younger,' 44.6% for '70?74 years,' 21.4% for '75?79 years,' and 13.0% for '80 years or older.'

Regarding inheritance methods, 51.4% said 'inherit evenly among all children,' 24.2% said 'use for oneself and spouse,' and 8.8% said 'inherit more to the child who provided more support.' Following these were 'inherit more to children in financial difficulty' (8.4%), 'inherit more to the eldest son' (6.5%), and 'return to society' (0.6%). Notably, the proportion of those who said they would 'use for oneself and spouse' increased from 17.4% in 2020 to 24.2%, while those who said they would 'inherit more to the eldest son' decreased from 21.3% to 6.5%.