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Video Description

Type: KIHASA Policy Featurette

Topic: Why Life Is Difficult for the New Middle-Aged in Their 50s and 60s

Guest Speakers: Choi Dong-seok, Announcer; Cho Sungeun, Research Fellow; Kim Mi-gon, President of Korea Labor Force Development Institute for the Aged

Transcript

Cho:

There are certainly these positive aspects, but there are also fundamental concerns.

Choi:

What kind of concerns?

Cho:

Compared to previous generations, we got married a little later. So, at the age of 50, many of us still have children who are at an age where they still need our support.

Choi:

And they’re still in school…

Cho:

And, at the same time, our parents are still alive.

Choi:

So, the responsibility to support the family has grown.

Cho:

Yes, both ways. As our parents are living longer, the time we have to support them has increased. So, while there are positive aspects of the new middle age, there’s also the inherent double burden of having to support both our parents and our children. Many in their early 50s are therefore particularly concerned about how they’ll manage financially in retirement. As we saw earlier on the screen, those in their 60s may feel more at ease than those in their 50s because some of their responsibilities are now behind them.

Kim:

People in their 60s don’t necessarily feel comfortable either.

Choi:

It’s wonderful to live well and do various activities, but it seems, as you’ve mentioned, that this is only possible with financial resources.