40s Losing Sleep Over Retirement Worries... Anxiety Heightened by COVID-19

Samsung Life Insurance Life Finance Research Institute Releases Study on Anxiety in Middle and Older Age
Anxiety Higher in 40s-50s than 60s Due to Retirement Worries, Chronic Disease Patients Also More Anxious

[Asia Economy Reporter Ki Ha-young] Among middle-aged and elderly people in South Korea, those in their 40s showed the highest level of anxiety about old age. This anxiety has increased further since the outbreak of the novel coronavirus infection (COVID-19). Accordingly, the willingness to purchase insurance has also risen.

Samsung Life Insurance Life Finance Research Institute released a report titled "Research on Anxiety in Middle and Old Age" on the 14th, containing these findings. The report was based on a survey conducted in May targeting 1,000 adults aged 40 to 75 nationwide (800 with chronic diseases and 200 general population).

Highest Anxiety in 40s Due to Concerns About Old Age

According to the report, when asked about the frequency of anxiety among middle-aged and elderly people, the highest percentage who answered "often or always anxious" was those in their 40s (21.9%). This was followed by those in their 50s (19.5%) and those aged 60 and above (10.8%). By gender, women (23.6%) showed higher anxiety than men (14.6%).

The top factor triggering anxiety was "worries about life after retirement and uncertainty about the future" (20.1%). This was followed by "concerns about infection due to COVID-19" (19.2%) and "worries about job loss" (8.7%). Notably, those aged 60 and above and women showed relatively higher rates of "concerns about infection due to COVID-19," while men in their 40s and 50s showed relatively higher rates of "worries about job loss."

Anxiety has increased further since COVID-19. When asked to rate anxiety on a scale from 0 to 10, the average score was 3.2 before COVID-19 but rose to 5.8 afterward. Women (3.47 → 6.29) reacted more sensitively than men (3.08 → 5.49), and anxiety also increased among those aged 60 and above.

Quality of Life Varies by Anxiety Coping Methods Among Chronic Disease Patients

Chronic disease patients (18.8%) generally showed higher anxiety than the general population (15.5%), but quality of life differed depending on coping methods.

The report suggested that since chronic diseases due to aging and anxiety are unavoidable in middle and old age, it is necessary to consider how to improve quality of life and happiness.

When chronic disease patients were divided into Group A, whose quality of life worsened after diagnosis, and Group B, whose quality of life improved, Group A mainly engaged in smoking, drinking, watching TV, and playing smartphone games, whereas Group B maintained self-care habits such as resting after work, meditation, and conversations with family or friends.

Meanwhile, 8 out of 10 middle-aged and elderly people with insurance coverage responded that having insurance made them feel "secure" (77.9%). This sense of security was stronger with increasing age and was higher among women than men.

Similarly, chronic disease patients showed a high preference for insurance for those with pre-existing conditions that allows enrollment despite medical history, and the more severe the condition, the higher the response rate of "very secure" (12.1%).

Increased Willingness to Purchase Insurance After COVID-19

Awareness of the necessity of insurance has grown since COVID-19. More than half of all respondents (58.3%) said they feel a greater need for insurance after COVID-19, and 73.7% of those with severe chronic diseases felt the same. As concerns about infection and anxiety increased after COVID-19, interest in insurance that can prepare for risks has grown.

Researcher Park Ji-soong of Samsung Life Insurance Life Finance Research Institute said, "With the prolonged COVID-19 pandemic increasing anxiety and lowering quality of life, insurance can play a significant role in alleviating anxiety and preparing for illness and life after retirement."

This content was produced with the assistance of AI translation services.