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The number of single-person households living alone exceeded 6 million for the first time this year. The percentage of people who have voluntarily chosen a one-person family for reasons such as “it’s comfortable to live alone” is also increasing. One-person families replied that an average of 570 million won is required for retirement.
On the 8th, the KB Financial Group Management Research Institute released the “Report for One Person in Korea 2020”. This is the result of a survey of 2,000 single-person households between the ages of 25 and 59 (annual income of 12 million won or more, living in a single household for three months or more) nationwide. for about three weeks starting August 21st. According to the report, the number of single parent families in Korea this year is approximately 6.17 million, with 6 million single families. Single-person households account for about 30% of the total number of households and the number of single-person households is expected to continue to increase even after the expected decline in the Korean population in the future (2029).
In this year’s survey, more respondents said they started living as a person voluntarily than in the past. When asked about “motivation for starting a single life”, 42.5% replied that it was “volunteer”. This is higher than in 2019 (39.2%) and 2018 (41%). The reasons for choosing to live alone were “because it is comfortable to live alone” (36.6%) and “because I want to be independent” (7%). Conversely, records of being forced to live in single-person families include school and work (23.1%), divorce and death (6.5%). The intention to continue living as a single is also growing. 44.1% of respondents said they expect to continue living as single for more than 10 years in the future, a higher percentage than last year (38.0%). Only 16.0% of respondents replied that they will end their single life within 2 years.
Single-member households are expected to retire at an average of 62.1 years. They replied that the average amount of funds requested at this point was 570 million won. For this, they said, “Investment and savings of about 1.23 million won per month are needed,” but the actual average investment and savings were only 740,000 won, or about 60%.
The proportion of single-member household assets by type was calculated as the average ▲ deposits / withdrawals and cash (including FCM and CMA) 25.4% ▲ deposits and savings 47.4% ▲ investment assets 27.3%. Deposits and savings decreased significantly compared to 2019 (deposits 61.4%, cash 16.1%, active investments 22.6%), while deposits and withdrawals, cash (16.1%) and investments (22.6%) increased %). The report states: “After the spread of the novel coronavirus infection (Corona 19), the number of cases of closed financial products used for living expenses increased without having to re-file.”
Reporter Song Jeong-eun [email protected]
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