Will You Stay Young Forever?" Three Challenges for the Single Generation 20 Years from Now

More than 70% of elderly people living alone are in poverty, and job shortages are a problem.

More than 70% of elderly people living alone are in poverty, and job shortages are a problem.

In Japan, 30% of real estate is avoided by the elderly... Korea is not far behind.

By 2040, South Korea will enter the "Ten Million Elderly Households Era."

As of now, single-person households account for 34.5% of all households in South Korea. The rapid increase in single-person households indicates the arrival of the solo era. This article series, [Living Alone], explores new types of consumption, lifestyles, customized policies, youth housing, and issues related to solitary deaths among single-person households.

In 2030, our society will fully experience the 'population cliff'.

This is a statement from Professor Cho Yong-tae of Seoul National University in his book "Population Future Coexistence." The term "population cliff" refers to a decline in the working, consuming, and investing population (ages 15-64). Research indicates that due to declining marriage rates and low birth rates, the working-age population will decrease by about 10 million over the next 20 years.

If this projection comes true, an aging society will be inevitable. As the population declines rapidly while medical technology extends life expectancy, an aging society may be an unavoidable future for Korea.

For the single generation in their 30s and 40s who prefer to live comfortably alone rather than facing the hardships of marriage and raising children, here are three social issues they might face 20 years from now.

1. Poverty (Lower-Class Elderly)

If the 30s and 40s can last forever, being single wouldn't matter. However, there's a significant difference in life satisfaction between young single-person households and elderly single-person households. Compared to young singles who have the freedom to work, elderly singles experience high poverty rates due to job shortages. According to the "2022 Poverty Statistics Yearbook" released by the Korea Institute for Health and Social Affairs, the poverty rate for single-person households aged 65 and older is 72.1%. More than 7 out of 10 elderly living alone are in poverty.

Early retirement, reduced income, and inadequate retirement preparation are contributing factors. Research from the "National Transfer Accounts" shows that per capita labor income peaks at age 43 and turns negative around age 60, highlighting the severity of elderly poverty.

The 2016 book "The Lower-Class Elderly Are Coming" by Takano Fujita recounts stories of elderly who, despite living ordinary lives, suddenly fell into poverty. Many of these individuals were once employees or even executives and public servants. Illness, accidents, issues with children, or late-life divorces led them to unexpected hardship.

The author suggests that preventing the spread of lower-class elderly requires promoting welfare systems, partially insuring living protection systems, and implementing new housing policies for low-income individuals. The government should take more proactive measures to solve elderly issues.

2. Rental Housing Crisis

"Being single means you don’t have to worry about housing."

This was a comment posted a few years ago on an online community. A user stated, "Whether real estate prices go up or down, single renters live comfortably. Even if the place is a bit old, moving to a new apartment nearby is no problem. Living alone is worry-free and satisfying."

But here’s a question: “Do you think you will stay young forever?”

Let's examine Japan, which has already entered an "ultra-aging society" with 29.1% of the population aged 65 and older. In Japan, elderly people struggle to find housing.

According to "R65 Real Estate," which specializes in finding rooms for people over 65, 25.7% of real estate has no rental housing available for the elderly. Additionally, 28.3% reported rejecting elderly applicants in the past year due to age, and 36% expressed discomfort, even if they had not yet rejected any applications.

57.3% of real estate agents reported problems with elderly tenants, primarily due to "accidental deaths" (56.25%), "rent arrears" (42.6%), and "posthumous processing" (37.5%).

R65 Real Estate argues that instead of avoiding elderly tenants, fundamental issues need to be addressed. They recommend clarifying the definition of "problem properties," improving monitoring services to prevent abandonment, and addressing issues like dementia to prevent rent arrears.

3. Solitary Deaths

By 2040, the number of elderly households aged 65 and older will reach 10.29 million, marking the first "Ten Million Elderly Households Era" in South Korean history. Some people will live alone due to lifelong singleness, while others will be single due to divorce or the death of a spouse. It’s possible that elderly people may appear in popular programs like "I Am Solo" or "Living Alone."

According to the "2022 Survey on Solitary Death Prevention" by the Ministry of Health and Welfare, solitary deaths have increased by an average of 8.8% annually over the past five years. The increase is most pronounced among men aged 80 and older, while women aged 60-69 see the highest growth rate.

The causes of solitary deaths include the increase in single-person households, reduced social interactions with family and friends, lack of social safety nets, weakened community bonds, economic difficulties, and mental health issues leading to social isolation.

Professor Heo Jun-soo of the Department of Social Welfare at Soongsil University noted in a phone interview, “In foreign countries, there are well-established support networks for those living alone.” He emphasized that South Korea needs to create institutional environments that enable elderly individuals to network with others. He also pointed out that while there are many policies for married individuals, there are insufficient measures for single-person households and elderly people living alone. The government should consider individualized policies that address the diverse needs of elderly people, maintaining their lifestyles while addressing economic and psychological challenges.

In summary, the single generation of today may face significant social challenges in the future, including poverty, housing issues, and solitary deaths. Addressing these challenges requires proactive measures and systemic changes to ensure a better quality of life for elderly individuals.