Annual Average Income for Youth: 30.45 Million Won
Median Loan Balance: 36.65 Million Won, Down 1.3%
Employment Rate Drops by 0.3 Percentage Points to 56.4%
Last year, the annual average income of the youth population increased by only 3.2%, marking the lowest growth rate on record. The proportion of employed youth declined, and as it became more difficult to obtain loans, the median loan balance for young people also decreased for the second consecutive year.
According to the "2024 Administrative Statistics by Life Stage" released by the National Data Agency on December 23, the youth population (ages 15 to 39) last year accounted for 28.9% (14.4 million people) of the total population. The middle-aged population (ages 40 to 64) and the elderly population (ages 65 and older) accounted for 40.3% (20,031,000 people) and 20.1% (10 million people), respectively. This is the first time that the elderly population has surpassed 10 million and exceeded 20% of the total population.
The youth population decreased by 1.6% (229,000 people) compared to the previous year. The middle-aged population also declined by 0.7% (147,000 people). In contrast, due to ongoing aging trends, the elderly population increased by 5.3% (504,000 people).
Last year, the proportion of registered employed individuals was 56.4% (8,127,000 people) for the youth, 67.9% (13,606,000 people) for the middle-aged, and 34.3% (3,434,000 people) for the elderly. The youth employment rate dropped by 0.3 percentage points, while the rates for the middle-aged and elderly rose by 0.3 and 1.4 percentage points, respectively.
Among new employees in 2023 who were previously unemployed but registered as employed last year, the largest share of youth found jobs in the accommodation and food service industry (19.1%), followed by manufacturing (15.7%).
For the middle-aged and elderly, the highest proportions were in the health and social welfare sector, at 16.2% and 34.8%, respectively. Among the middle-aged, construction (15.4%) was the second most common sector, while for the elderly, associations and other services (14.1%) ranked second.
The annual average income (from employment and business) for the middle-aged was 44.56 million won, 1.5 times higher than that of the youth (30.45 million won). It was also 2.3 times higher than that of the elderly (19.73 million won). Youth income increased by 3.2% compared to the previous year (29.5 million won), the lowest growth rate since relevant statistics began in 2020.
The median loan balance for the middle-aged (63 million won) was 1.7 times that of the youth (36.65 million won) and 1.8 times that of the elderly (35 million won). For the youth, the median loan balance decreased by 1.3% compared to the previous year (37.12 million won), showing a negative trend for the second consecutive year.
An official from the Data Agency explained, "This indicates that it is difficult for young people to obtain loans," adding, "Both policy efforts to reduce lending and unfavorable conditions have likely contributed to this situation."
Among the youth, 11.5% (1.65 million people) owned homes. The homeownership rate was 45.5% (9,114,000 people) for the middle-aged and 46.3% (4,631,000 people) for the elderly. Compared to the previous year, the proportion for the youth remained the same, while it increased by 0.6 and 1.0 percentage points for the middle-aged and elderly, respectively.
The leading cause of death among the youth was intentional self-harm (suicide), accounting for 48.3%. Malignant neoplasms (cancer) accounted for 13.3%. Among the middle-aged, deaths were mainly due to malignant neoplasms (34.7%) and intentional self-harm (12.6%). For the elderly, malignant neoplasms (23.2%) were the most common cause of death.
The administrative statistics by life stage are used to comprehensively understand the economic and social characteristics of the youth, middle-aged, and elderly populations, supporting policy development and research tailored to each life stage. The statistics cover all Korean nationals aged 15 and older and general households including these individuals, as of November 1 each year.
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