Koreans’ biggest concern last year was post-retirement plans

Updated : Aug 26, 2019 in Articles

Koreans’ biggest concern last year was post-retirement plans


Concerns regarding daily life vary, from studies
and career choices to employment. But a survey on seven-thousand average Koreans showed that
there is one topic that nearly half of the respondents have in common. Money. Or better
said, chances to continue earning money. Lee Ji-won has more.
What are Koreans most concerned about? “I am most worried about my life after retirement.
I haven’t been able to prepare for it.” “I will be graduating soon, and I am worried
about finding a job.” “My mother’s health is my biggest concern
as of now.” According to a research on some 7-thousand
Koreans over 19 years old, about 25 percent of the respondents were most concerned about
their post-retirement plans, while about 18 percent placed their worries on employment
and income,… whereas a bit over 26 percent were concerned about other issues such as
family relations. The researchers said the results reflect the
current problems in the Korean economy. “As life expectancy increased, more senior
citizens now have more years to live… but with limited working time in their lives,
they are pressed to reduce spending. And such reduction in spending is one reason
for the sluggish domestic demand.” But to revitalize the economy, experts say
structural reforms are not enough. The government must work to allow the senior
population more opportunities and time to earn income, such as pushing the retirement
age along with expanding more loans like reverse mortgage loans to help them liquidate their
assets for spending. “The expert added… if the government’s structural
reforms are successful, it will boost consumption and job creation,… easing the financial
burden on the public. Lee Ji-won, Arirang News.”

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