Today's Elderly in Korea: Negative Consequences of Confucianism 2: Financial Burdens

Continue from the previous post about 'Negative consequences from Generational gap', in this post, I will discuss about the negative consequences from financial burdens to support elderly in Confucianism and Korea society.

Confucianism stresses that younger generation should support their parents and grandparents as a duty of children. However, it could be significant financial burden for children. It becomes a generally accepted idea in Korea society that supporting elderly is a job of other family members. However, as we saw the previous blog posts that not many people in these days living with their parents and different generational cultures make people no more living or supporting their parents as a duty, actually current elderly in Korea suffers from financial hardships.

Elderly concerned most about finances, health

Aging Koreans cited economic difficulty and health as their biggest concerns, but the weight of their worries varied according to their education levels, a report showed Monday. In a survey of 60-year-olds by Statistics Korea, 43.2 percent of the respondents with elementary education picked economic difficulty as their top concern. Health closely followed at 40.5 percent, while unemployment and loneliness each stood at 4.7 percent and 4.3 percent. In contrast, 40.5 percent of the respondents with college education said health was their biggest worry. Economic difficulty was cited as a less serious problem at 25.3 percent, according to the report. A total of 8.1 percent of the respondents also picked weakening respect for the elderly, reflecting their concerns over a fading Confucianism culture in modern-day Korea. The article above tells us the financial difficulties even are harder for lower educated group of people.  From our readings, Olson also mentions that the stereotype that people think caring elderly is on their own family in Confucianism society makes harder to provide adequate social-supports for the old population.  "One of the most accepted stereotypes regarding the Chinese elderly is that they do not have any problems with regard to long-term care. It is believed that because of their adherence to traditional values, the Chinese family will provide for their elderly parents, and without any outside help." (Olson 2001, page 30) In addition, current Korea old population is sharply growing because Korean baby boomers generation, who were born right after the Korean War (1955-1963) becomes 60s and 70s in few years. Because of their sudden and excessive growth of older population, current young population cannot give enough support for their elderly.    03-08-2011 18:38       Korean baby boomers not ready for retirement By Kang Seung-woo The Korean baby boomer generation is not fully ready for its post-retirement life, although they are optimistic about it, a report by the Korean arm of a U.S.-based life insurer showed Tuesday. The MetLife Korea Foundation, the Seoul National University Institute on Aging and Gallup Korea jointly released a study of 4,668 boomers, titled “Korean Baby Boomers in Transition.” These people were born between 1955 and 1963, the period after the Korean War ended in 1953 that saw a sharp increase in birthrates. The report said that only 27 percent of them have calculated their retirement income needs. Considering the fact that the oldest Korean baby boomer reached 55 in 2010 and retirement can begin as early as this, the low retirement income calculation rate could emerge as a serious national problem. It also said that only about half of baby boomers are currently saving for retirement. The average amount of savings for retirement is 172,000 won ($154) per month and a large majority of baby boomers possess insurance policies for retirement (8 out of 10). Nearly 85 percent contributed to the national pension and other public pensions systems, while 69 percent possess bank depository products to prepare for retirement.

To sum up, current old population suffers from double jeopardies- cultural generational gap and financial difficulties. They experienced and accustomed to the concept of Confucianism at their younger age and most of them struggled to support their own parents by working hard. However, at their old age, they can no longer rely on their children's support for them due to the cultural changes. Also, they have to worry about their later life after retirement. 

Reference

  Laura Katz Olson (2001), Age Through Ethnic Lenses: Caring for Elderly in a Multicultural Society. MA, Rowman & Littlefield Publishers, INC.
      Yonhap,  2012. Elderly Concerns most about Finances, Health http://www.koreatimes.co.kr/www/news/nation/2012/01/117_103317.html  [Accessed 25 April 2012]
      Kang, Seong-woo., 2011. Korean Baby Boomers Not Ready for Retirement, Korea Times, http://www.koreatimes.co.kr/www/news/biz/2011/03/123_82728.html  [Accessed 25 April 2012]