For the first time in South Korea’s history, the number of people in their 60s has overtaken those in their 40s, making them the second-largest age group after those in their 50s.
The number of Koreans aged 60 to 69 reached 7.77 million as of September, according to the latest statistics by the Ministry of the Interior and Safety on Oct. 3. This figure narrowly surpasses the 7.76 million individuals aged 40 to 49, a difference of just 1,214 people. The largest age group in the country is 50-somethings, standing at 8.72 million.
This demographic shift marks a change in the age group rankings, which previously placed those in their 50s as the largest group, followed by those in their 40s and those in their 60s. The latest data now put the 60 to 69 age group in the second spot, pushing the 40 to 49 age group down to third.
“It’s the first time since the ministry began compiling demographic statistics in 2008 that the 60s age group has outnumbered the 40s,” said a ministry official.
In January 2008, the Koreans aged 60 to 69 amounted to 3.87 million, less than half of the 8.55 million in the 40 to 49 age group. Even as recently as 2014, there were 4.3 million fewer 60-somethings (4.64 million) than 40-somethings (8.95 million).
Experts point to the rapidly aging baby boomer generation, born between 1955 and 1963, as drivers of this demographic shift.
“As those in their 50s gradually age into their 60s, the 60-something age group will soon overtake the 50s to become the largest age group in Korea,” said a ministry official.
While the country is rapidly aging, the teenage population continues to shrink. The teenage population, which stood at over 6 million a decade ago, has been steadily declining, dropping to 4.63 million as of last month.
“The country’s low birthrate and rapid aging are changing the generational makeup of Korea,” said Lee Byung-hoon, professor emeritus of sociology at Chung-Ang University. “The government must consider measures such as extending the retirement age and reforming the pension system to address these issues.”
