Korea’s elderly face poverty, isolation, rising suicides

In 2024, nearly 43 percent of South Korea's basic livelihood security recipients were aged 65 or older, underscoring the growing economic vulnerability of the country’s aging population. The Ministry of Health and Welfare said Saturday that about 2.67 million people, or 5 percent of the population, received government support last year. Among seniors, the share climbed to 10.7 percent. From 2019 to 2023, a total of 18,044 elderly people died by suicide, averaging 10 deaths per day, according to Statistics Korea. The figures reflect the worsening economic and psychological strain faced by the elderly.

South Korea ranks highest among OECD countries in both elderly employment and senior poverty. The labor force participation rate for people aged 65 and older is 38.3 percent, 2.4 times the OECD average. The poverty rate among seniors stands at 40.4 percent, more than twice the international norm. Many older adults, unprepared for retirement, remain in the workforce but are confined to low-paying jobs that do little to lift them out of poverty. Most of their assets are tied up in real estate, which contributes to higher poverty levels compared with their peers in the United States or Europe. Even when this factor is considered, Korea’s senior poverty rate remains unusually high.

Financial hardship among the elderly is closely tied to South Korea’s high suicide rate among older adults. The rate stands at 40.6 per 100,000 people aged 65 and older, more than double the OECD average of 16.5. Depression, isolation, and chronic illness often compound financial struggles, forming a complex web of risk factors. Many seniors live alone and forgo psychiatric treatment, making early intervention difficult. In contrast to teenagers, who may attempt suicide up to 200 times before a fatal outcome, and younger adults, who try between 8 and 33 times, older adults often die after just two to four attempts.

With seniors now accounting for more than 20 percent of the population, South Korea has officially become a super-aged society. Addressing elderly poverty and improving mental health care must be treated as urgent national priorities. The basic pension program should be redesigned to focus on those most in need, and older adults with limited cash but real estate assets should be encouraged to consider reverse mortgage plans. Local communities and healthcare providers must collaborate to reduce social isolation and identify high-risk individuals early. After decades of hard work, no one should be abandoned to poverty and solitude.