The Proportion of 'Dokgeonoin' Elderly at 35%... 2 out of 3 Have No Retirement Preparation

2021 Elderly Statistics

[Sejong=Asia Economy Reporter Son Seon-hee] Last year, the number of elderly households living alone reached 1,661,000, accounting for 35.1% of all elderly households. Among them, two out of three were found to be unprepared for old age.

According to the "2021 Elderly Statistics" released by Statistics Korea on the 29th, there were 4,732,000 elderly households headed by individuals aged 65 or older last year, of which 1,661,000 households (35.1%) were single-person households. By age group, those in their 70s accounted for the highest proportion at 44.1%, and by gender, women made up 71.9%. This means that female elderly single-person households were about 2.6 times more numerous than male elderly single-person households.

The proportion of elderly single-person households has been steadily increasing since 2015 (32.9%). Statistics Korea stated, "By 2037, it is expected to reach 3,351,000 households, double the current level, and by 2047, it will reach 4,051,000 households."

Despite the increasing proportion of elderly single-person households, they were found to be very vulnerable in terms of old-age preparation. Only 33% of elderly individuals living alone had prepared for old age (based on a 2019 survey).

As of this year, the elderly population aged 65 and over accounted for 16.5% of the total population. This ratio is expected to continue rising, reaching 20.3% around 2025. This signifies the entry into a super-aged society. By region, four areas?Jeonnam (23.8%), Gyeongbuk (21.5%), Jeonbuk (21.4%), and Gangwon (20.9%)?have already exceeded 20% in the proportion of elderly population.

The net assets of households headed by individuals aged 65 and over amounted to 349.54 million KRW (as of 2020), an increase of 13.83 million KRW from the previous year. The employment rate of the elderly was 34.1%, and the unemployment rate was 3.6%, rising by 1.2 percentage points and 0.4 percentage points respectively from the previous year.

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