South Korea has reached a critical demographic milestone: 20 percent of its population is now aged 65 and older, officially classifying the nation as a “super-aged society.” This significant transformation stems from a staggering low birth rate that raises pressing concerns.
Declining Birth Rates
Recent data revealed that the nation’s birth rate plummeted to just 0.7 births per woman by the end of last year. This figure not only ranks as one of the lowest worldwide but also falls far below the replacement rate of 2.1, which is essential for maintaining population stability. Absent a major influx of immigrants, this decline signals a future where both the population size and median age are set to rise dramatically over the coming decades.
According to a report from the interior ministry released on December 24, South Korea’s elderly population has swelled to about 10 million out of a total of 51.2 million residents. This figure has more than doubled since 2008, when there were fewer than five million seniors. Interestingly, men comprise roughly 44 percent of this older age group.
Government Initiatives and Challenges
In an effort to tackle the plummeting birth rates, the South Korean government has allocated billions toward initiatives aimed at promoting family growth. These include providing financial support for egg freezing and various fertility treatments. Nevertheless, these strategies have yet to yield the intended results, with forecasts suggesting a potential population drop to around 39 million by 2067, a time when the median age could reach 62 years.
Several factors contribute to the low rates of marriage and childbirth in the country. Couples often find themselves deterred by substantial costs related to raising children and soaring housing prices. Additionally, the cut-throat competition in the job market makes securing stable and well-paying employment a significant challenge, a prerequisite many couples feel is necessary before having a family.
Working mothers face another layer of difficulty, navigating the dual responsibilities of balancing their careers while managing the majority of household chores and childcare. This predicament further discourages family formation amidst existing societal pressures.
A Global Issue
While the situation in South Korea is especially urgent due to its low fertility rates and limited immigration, the phenomenon of an aging population isn’t confined to its borders. It is a global issue, affecting numerous countries around the world. The United Nations predicts that the world’s population is likely to peak around 2085, indicating that this demographic trend is widespread and deserving of serious attention.
Source: Premiumbeautynews.com