Catalina Espinosa
Research expert covering society, economy, and politics for Europe and the EU
Aging population in South Korea - statistics & facts
South Korea's population is aging at an alarming rate. In 2025, it boasted the fifth-highest life expectancy in the world, but also recorded the world's lowest fertility rate of only 0.75 births per woman. This trend is set to continue and intensify in the coming years. In December 2024, South Korea officially became a “super-aged” society, where more than 20 percent of the population is aged 65 years or older. Efforts to reverse the country's plummeting birth rate have thus far been unsuccessful.
Conversely, the elderly population aged 65 years and above is projected to more than double by 2050. The decline in the working-age population and the simultaneous increase in dependent people will impose a significant financial and social burden on the younger generation. Official estimates suggest that the national pension fund will be depleted in the next 30 years if the current pension system is maintained. Moreover, the Bank of Korea has warned that the declining birth rate may lead to negative economic growth from 2050 onwards.
The economic impact of population aging in South Korea
In 1983, South Korea's fertility rate dipped below the "replacement level" of 2.1 children per woman – the average number of births per woman required to maintain the current population size. In 2024, a mere 238,300 children were born, which was almost one-third of the level 20 years ago. The reasons behind this drastic decline in birth rates are high child-rearing costs, soaring property prices, and a work culture that hampers women's career progression after having children. If this trend persists, the country's total population is estimated to shrink to 36 million by 2072 – around two-thirds of the current population.Conversely, the elderly population aged 65 years and above is projected to more than double by 2050. The decline in the working-age population and the simultaneous increase in dependent people will impose a significant financial and social burden on the younger generation. Official estimates suggest that the national pension fund will be depleted in the next 30 years if the current pension system is maintained. Moreover, the Bank of Korea has warned that the declining birth rate may lead to negative economic growth from 2050 onwards.
How is South Korea tackling its demographic challenges?
Over the past two decades, the South Korean government spent approximately 280 trillion South Korean won (about 200 billion U.S. dollars) to increase the country's fertility rate, but with little success. The budget allocation lacked clear objectives, and insufficient funds were directed toward supporting pregnancy, childbirth, and childcare. In international comparison, South Korea’s spending on family benefits was among the lowest. Realizing the urgent need for a change in strategy, the budget to address low fertility rose about 13 percent in 2025 from the previous year. It remains to be seen how effective these measures will be in the long run.
