LIVING EXPENSES DIFFER AMONG GENERATIONS

[Anchor Lead]

A Statistics Korea survey shows a stark reality for young and elderly Koreans when it comes to jobs and income sources. Many young people find it difficult to find work despite their job searching efforts. By contrast, elderly people are forced to remain employed even after reaching the retirement age.

[Pkg]

This is how Korean people in their 20s are depicted in recent movies. Faced with the difficulty to find jobs, they choose to live with their parents. A survey conducted by Statistics Korea reveals a similar reality. Asked about where they get living expenses, 39 percent of those in their 20s answered that they received help from parents. Just 54 percent said they earn money on their own or get support from their spouse, not their parents. This is the first census by the agency to study the financial source of young Koreans. It found the exact number of young people belonging to the so-called kangaroo generation, which refers to those who live with and receive financial support from parents. The proportion of unmarried people increased in all age groups. In particular, 43 percent of those in their 30s remained unmarried last year. By contrast, those aged 60 or older tend to live on their own. Twenty-seven percent of them earn living costs by themselves or with the help of their spouses. This is up six percentage points from a decade ago. Only eleven percent answered they receive financial support from their children. It is a big drop from 25 percent in 2010.

[Soundbite] Chung Nam-soo(Statistics Korea) : "This phenomenon occurs, as baby boomers get in their 60s or older. They are relatively financially independent and have enough money for their post-retirement life."

Public pension and government subsidies increasingly replace the decreased help from children. They each account for eleven percent. But one out of five elderly people is categorized as those with limited mobility so they still need caretakers despite their financial independence.