South Korea has reached a new demographic milestone, with people aged 70 and above outnumbering those in their 20s for the first time on record. According to the Ministry of Data and Statistics, the number of over-70s stood at 6.54 million, exceeding the 6.3 million people in their 20s, as reported by the Korea Times. The last time these age groups were similar in size was in 1925, when modern census records began.
The population of Koreans in their 20s has now fallen for four consecutive years, dropping from 7.03 million in 2020 to 6.3 million last year, according to Chosun Biz. This marks the first time in over a century that people in their 20s have become the smallest adult age group. Meanwhile, those in their 50s make up the largest bracket at 8.71 million, followed by those in their 40s.
Experts attribute the shift to a collapse in birth rates and rising life expectancy. South Korea's fertility rate stands at 0.72 births per woman, one of the lowest globally, despite years of government incentives. Average life expectancy has climbed to nearly 84 years. Kim Gwang Seok, head of economic research at the Korea Institute for Industrial Economics and Trade, told the Korea Joongang Daily: 'The shrinking population and employment challenges among people in their 20s are not just generational issues, but part of a structural crisis that directly threatens the vitality of the Korean economy.'
The demographic shift is reflected in the labour market. In August 2024, the employment rate for people in their 20s was 60.5 per cent, down 1.2 percentage points year-on-year, marking 12 consecutive months of stagnation. The unemployment rate for that age group rose to 5 per cent, the highest for August since 2022. A survey by the Federation of Korean Industries found that 28.1 per cent of entry-level hires at the country's 500 largest firms in the second half of 2024 were experienced workers, up 2.3 percentage points. Meanwhile, around one in four people aged 70 and above remains employed, often in low-paid jobs.
In December 2024, South Korea officially became a 'super-aged' society, with 20.15 per cent of the population aged 65 or older. The UN defines a super-aged society as having over 20 per cent of the population aged 65 and above. The government has called the demographic crisis a 'national emergency' and introduced policies including financial incentives, childcare support, and measures to improve work-life balance. Experts warn the population could shrink by half by 2100, exacerbating social and economic challenges.
