The Squeeze on Middle-Aged Couples: Rising Healthcare Costs,Stagnant Youth Employment,and a Changing Family Support System
This article highlights a growing crisis facing middle-aged couples in Korea: a confluence of factors – increasing healthcare burdens,declining economic prospects for their children,and a fading tradition of familial financial support – are creating significant financial and emotional strain.
The Double Burden of Health and Finances:
Middle-aged couples are facing escalating healthcare costs as they age.The number of individuals in their 60s experiencing serious health issues like stroke and dementia is rising, and cancer diagnoses are increasingly common in the 50s and 60s, with over 282,000 new cases reported in Korea in 2022 alone.These illnesses bring substantial treatment and nursing expenses, potentially destabilizing a family’s finances.
Children Unable to Provide Support:
Compounding this issue is the difficulty their children are having achieving economic independence.Youth employment in their 20s is decreasing considerably, with a loss of 173,000 jobs last month alone. The youth employment rate is at a 14-month low,and even part-time opportunities are dwindling. This leads to a growing number of young adults – now at 396,000 – choosing to “rest” (neither working nor actively seeking employment), the highest number since the start of the pandemic. The problem isn’t a lack of willingness to work,but a shortage of quality jobs that match young people’s skills and expectations.
A Shift in Family Dynamics:
Traditionally,Korean families relied on children to financially support their parents in old age. However, this expectation is rapidly changing. A recent survey shows that only 12% of those over 60 expect financial support from their children, a dramatic drop from 28.8% just a decade ago. This shift means couples must increasingly rely on their own earnings, even into advanced age, frequently enough in low-paying and unstable jobs.
The Urgent Need for Preventative Care:
The article stresses the importance of preventative healthcare. A sudden health crisis, like a stroke or cancer diagnosis, can quickly deplete a family’s resources.while advancements in cancer treatment exist, they are often expensive and not fully covered by insurance. Regular cancer screenings are crucial, and prioritizing health is essential for maintaining financial stability in later life.
In essence, the article paints a picture of a generation squeezed from both sides – burdened by their own healthcare needs and unable to rely on their children for financial assistance, forcing them to continue working longer, often in precarious conditions.
