Rapid Development Leaves Some Aging South Koreans Feeling Marginalized

South Korea has developed quickly in the past 50 years, becoming a fast-paced nation known for its leading technology.

The country’s elderly who are responsible for this progress are now seeing the dark side to rapid development, as half of South Korea’s greying germination is poor, according to The Guardian.

Those in their 60s and above are facing the highest household debt burden among 15 advanced nations, according to the news outlet The Straits Times. After comparing figures in 15 advanced countries, a report by the Korea Development Institute (KDI) showed that South Korea is the only nation where the elderly have a higher debt-to-income ratio compared with other age groups.

Most of South Korea’s aging poor were reportedly living comfortably financially during the height of their careers, according to experts. However, following retirement, it became more difficult to keep up with the ever-changing economy and culture in the country.

As competition to succeed and accumulate wealth has become more fierce, the common tradition of younger generations caring for the old has weakened.

“It's almost like people don't have the psychological space to care for other people," said Lee Sun-young, an administrator at a senior centre in the Seodaemun district of Seoul.

The percentage of children who think they should look after their parents has shrunk from 90% to 37% over the past 15 years, according to government polls.

“The family has crumbled," said retiree Park Jang-su.

“That's why we are dying alone."

Korean salaries reportedly have a small pension component, covering only 9 percent for the National Pension Scheme. This percentage is insufficient and results in income instability for retirees, according to experts.

Even the elderly who have had good jobs have reportedly fallen back into difficult financial situations because they spent heavily on education for their children, ultimately saving little money for the future.

As poverty among the elderly in South Korea increasingly becomes a problem, South Korean president Park Geun-hye reportedly pledged to improve welfare programs and provide a “National Happiness Pension” with an extra $200 per month during her 2012 election campaign.

However, through this program, only the poorest 70% of seniors are reportedly able to receive new payments beginning this summer.

“Back then, food was so scarce that people didn't ask, 'How are you?' Instead, they'd ask whether you'd eaten,” stated Lee Yeong-sun, 82.

“Now, I'm worried about running out of rice again.”