Over 40% of Single-Person Households Distributed in the Lowest Asset Level First Quintile

It was found that more than 40% of single-person households are distributed in the lowest asset quintile.

Young single-person household. Photo by Asia Economy DB

The Ministry of Health and Welfare announced on the 28th that this was revealed in the analysis of social security benefit receipt among single-person households, presented at the 2nd Statistical Administrative Data Expert Committee (hereinafter referred to as the Expert Committee). The Expert Committee is a forum where experts on social security statistics and administrative data discuss the sharing of internal and external utilization cases of social security administrative data and data quality management measures to ensure the comprehensiveness of acquired information.

According to the analysis, single-person households had an average annual market income (household equivalized) approximately 10 million KRW lower than that of all households. Additionally, more than 40% of single-person households were in the lowest asset quintile. Both income and assets were found to be more vulnerable compared to all households.

The rate of receiving the National Basic Livelihood Security livelihood benefit among single-person households was 6.5%, about twice as high as that of all households (3.2%). For the elderly, the receipt rate was high at 14.2%, but the benefit amount (245,000 KRW) was actually higher for the youth (616,000 KRW).

The poverty rate among single-person households was 47.8%, 17.8 percentage points higher than that of all households (30%). In particular, the elderly poverty rate within single-person households was serious, exceeding 70%. However, it was found that the effect of poverty reduction through state intervention was the greatest.

Lee Sang-won, Secretary General of the Social Security Committee at the Ministry of Health and Welfare, stated, “We encourage the use of social security administrative data to support the design and operation of social security policies based on objective evidence,” adding, “When policies are designed based on evidence, the public’s perception of social security will improve, and the effectiveness of policies will be further enhanced.”

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