In a survey on the level of life satisfaction, the 30s were ranked the highest, and the 60s or older at the bottom of the list. South Korea was ranked 59th in the world on the happiness index, falling short of the median value.
According to the report on “South Korea’s Society Trends 2022” published by Statistics Korea on Tuesday, life satisfaction stood at 6.3 last year (out of 10), making steady increases from 5.7 in 2013 to 6.1 in 2018. Among the different age groups, life satisfaction of the 30s was the highest (6.5). Experts say such a trend was attributable to the recent trend of younger people getting a job and forming a family later than before. Life satisfaction levels tended to fall from the 50s, owing to post-retirement anxieties and senior poverty. The figures stood at 6.3 for the 50s, 6.1 for the 60s, and 6.0 for 65 or older.
The levels of life satisfaction of children and youth in South Korea were the lowest among the OECD members. The average of major OECD nations, barring South Korea, was 7.6.
Last year, South Korea’s happiness index over the recent three years was 5.94, falling short of the median level of 6.0. Ranked 59th in the world, South Korea significantly lags behind the United States (16th) and Japan (54th). Finland topped this list, averaging at 7.82 over the recent three years.
The report found that lower income brackets bore a bigger share of property taxes against income compared to higher income earners. In 2020, the property tax ratio among the lowest 10 percenters in income levels stood at 6.15. Meanwhile, that of the top 10 percenters was merely 0.29, suggesting the burden of property taxes was 20 times as high for the lower-income earners. The property tax ratio is drawn by dividing the share of property taxes by that of income in each income quintile. It is analyzed that the burden of property taxes among lower income brackets was aggravated owing to the retirement of lower income earners in possession of expensive housing.