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Dec 2018

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South Korea: Significant proportion of adults financially unprepared for retirement

Source: Asia Insurance Review | Dec 2018

Nearly half of all South Koreans say they are economically unprepared for life after retirement.
 
Of 2,440 adults surveyed, 45.9% said that “they were not prepared economically for the final years of their lives,” reported Korea Bizwire citing findings by the Korea Insurance Research Institute.
 
Among respondents, 38.8% said this was because of more imminent matters that required monetary attention, such as education expenses and medical bills.
 
Another 24.4% of respondents said that their “income was too low” and 13.7% said that they “lacked interest.”
 
For those who were more prepared, 44.2% subscribed to public pensions, 22% had bank savings, 11.1% had investments in real estate and 8.4% had pension savings. A 
 
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