‘Boomers’ face bad bottom line

The baby boom generation in Korea, people born between 1955 and 1963, is squeezed by having to support their aging parents and their college-age children, according to a report released by Statistics Korea yesterday.

As a result, 65.2 percent of the boomers surveyed feel stressed about their overall standard of living. In contrast, only 60.4 percent of Koreans over the age of 15 years feel that way.

Baby boomers, who currently account for 14.6 percent of the Korean population, were born and raised after the Korean War.

According to the survey, 99.1 percent of baby boomers said they feel obligated to support their children and pay their university fees. Many people in that generation, 64.2 percent, said they were not satisfied with the level of education they received, and want more for their children.

Also, 90 percent agreed that they ought to pay for their children’s wedding costs.

In order to prepare for retirement, 38.5 percent of the boomers are depending on their national pensions and 24.3 percent are saving. But more than a majority are worried that their level of income will decrease in the future.

“Many of the baby boomers in Korea are probably not ready for their senior years,” said an official from Statistics Korea.

By Lee Eun-joo [angie@joongang.co.kr]