Nearly nine out of 10 baby boomers in Seoul do not wish to depend on their children for support in old age, a survey showed Thursday, indicating their potential to remain productive in a fast-aging society.
Going against deep-rooted tradition, only 11 percent of Seoul citizens aged between 45 and 54 said they would like their children to take care of them in old age, according to the Seoul Development Institute's survey conducted on 1,000 citizens last year. The respondents were all aged 45 or older.
That dependence rate was higher among older generations at 18.6 percent for respondents aged 55-64 and 28.1 percent for those aged 65 or above.
South Korea's baby boom occurred in 1955-1963 after the end of the 1950-53 Korean War and before the start of family planning policies.
One half, or 50.2 percent, of the baby boomers said they would rely on themselves for a living, while only 41.9 percent of those aged 65 or above said they would do the same.
In case of a deterioration in health, 57.3 percent of the baby boomers said they would live on their own or with their spouses, while
21.7 percent chose nursing homes or hospitals, and 8.4 percent wished to live with their children. In the same situation, those in the older generations were more likely to opt to live with their children, with 13.9 percent for those between 55 and 64 and 20.6 percent for those 65
or older.
On inheritance, baby boomers were more likely than their older counterparts to donate their possessions to society or leave none behind. More than half of the baby boomers, or 58.2 percent, still said they would bequeath their possessions to their children.
"When the baby boomers enter old age in 20 years' time, there will be a new culture in which the elderly take part in productive activities through self-improvement and management," the institute said in its report. "These people have the potential to be used as social capital through volunteer services and other work that
contributes to society."
The ratio of those aged 65 or older to the nation's total population will likely grow to 38.2 percent in 2050, up from 11 percent in 2010 and 3.8 percent in 1980, according to Statistics
Korea.
"In a 'super-aged' society, at least 20 percent of consumers are forecast to be senior citizens. Therefore, the Seoul Metropolitan
Government should promote various elderly-friendly industries in the social services sector and other areas as a growth engine for Seoul,"
the report said.