Nearly seven out of 10 elderly citizens in South Korea cannot make ends meet without having a job or receiving help from offspring, data showed Sunday, raising concerns over their quality of life.
According to the data compiled by the LG Economic Research Institute, 71 percent of 2,884 elderly households surveyed had assets of less than 250 million won ($225,631), the amount needed for their post-retirement period.
Elderly households refer to families of a single member or a couple aged 60-74. The assets exclude the national pension and other financial support provided by the government.
The researcher said 59 percent of the households surveyed did not even have enough assets to finance their basic needs. The minimum living expenses are estimated at 1.57 million won for an elderly household of two.
“When taking the elderly population’s health conditions and an extension in average life span into account, their actual quality of life may even be worse,” said Ryu Sang-yun, a researcher at the institute.
