In demographic terms, aging refers to an increase in the proportion of senior citizens to the total population. The term "senior citizen" encompasses those aged 65 or older.[1] In 2045, South Korea is projected to become the world's most aged population, surpassing Japan. Senior citizens will reach 46.5 percent of the population in 2067, outnumbering the working age population.[2]
Aging is often caused by the dramatic improvement of living standards derived from the development of science and medicine, increasing the life expectancy of the average individual; however, a decrease in birth rates can be a major contributor. South Korea's birth rate has declined since 1960, becoming a prominent issue within the country.[3]
Until the 1980s, it was widely believed that this demographic trend would end and that the population would eventually stabilize, but birth rates continued to decrease.[3] In 2021, this culminated in South Korea experiencing a natural population decline for the first time in its history.[4][5]
Analysts state that South Korea's current low birth rates are caused by the country's high economic inequality, including the high cost of living, low wages for an OECD member country, lack of job opportunities, as well as rising housing unaffordability.[6]
South Korea's portion of the elderly population is projected to grow at the fastest pace in the world, from 14.9 percent in 2019 to 46.5 percent in 2067.[7] Consequently, this will lead to South Korea's population declining sharply within the next few decades to about 25–30 million, down from 51 million as of 2022.