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Report also finds average senior’s income is $600 a month
The average monthly income of senior citizen couples was about 1.2 million won (US$1,260) last year, and more than half depend on their children or the government. According to a report issued by the National Statistical Office (NSO) on October 1, senior couples lived on about 1.2 million won a month on average last year, only 38.7 percent of what other young families make each month on average. A full 54.6 percent of their income came from funds transferred by family members, charity organizations, or the government. Earned income for this demographic stood at only 10.2 percent, while asset income made up 13.3 percent and business income 8.4 percent of their total income. These senior couples spend about 1.1 million won every month on average, meaning that they are able to save about 30,000 won. "Senior couples" in the survey constituted a husband and wife both over 65 years of age. Just one out of 10 senior citizens was satisfied at their current level of income or spending ability. More than half wanted to get a job in order to both earn living expenses and derive pleasure from working. About half of senior citizens aged 65 and older said financial problems were the most serious problem they faced, an increase of 10.7 percentage points from 2002, followed by health at 30.1 percent and loneliness at 6.4 percent.As South Korean society rapidly ages, the number of "economically productive" citizens is in decline. In 2006, there were 7.6 economically productive people for every senior citizen. The figure was 11.6 people 10 years ago. In 2020 and 2030, the figure is set to decrease to 4.6 and 2.7, respectively. An increasing number of aged people live alone due to divorce in their later years. Last year, about 2,600 men and 922 women over 65 divorced, a 4.4-fold and 6.7-fold increase, respectively, from 10 years earlier. Senior men who remarried stood at 1,570, and women at 410, about a twofold increase in each category from 10 years prior. Eighteen out of every 100 senior citizens live alone. As of July 1, 2006, the population of those aged 65 or older was about 4.6 million, accounting for 9.5 percent of the entire population. This is 3.4 percentage points up from 10 years ago. In the meantime, the number of citizens over 60 who have filed for personal bankruptcy has dramatically increased. The Seoul Central District Court said, "With the rapid aging of the population, the number of persons over 60 who filed for personal bankruptcy went up to 11.5 percent, compared to 9.7 percent in 2005 and 6.3 percent in 2005. The main reason cited was hospital fees." The court predicted increased medical fees will be the biggest problem facing South Korea’s aged population in the future.
