One in four seniors in South Korea say they ”spend their own money”...highest ever

It has been found that the number of elderly people in South Korea who "spend their assets for themselves and their spouses instead of inheriting them to their children" is increasing, reaching one in four. Also, traditionally, the eldest son inherited the most assets.
It was also found that the tradition of inheritance is weakening. According to the "2023 Elderly Status Survey" released by the Ministry of Health and Welfare of South Korea on the 16th, "rather than inheriting property, people are more interested in living for themselves and their spouses.
The percentage of people who answered "I will use my assets to live a happy life" exceeded 20% for the first time since the survey began. This percentage was only 9.2% in 2008, but rose to 15.2% in 2014 and 17.3% in 2017.
%) in 2019 and 2020 (17.4%), and the number is gradually increasing. The method of inheritance is "inherited by each child" at 51.4%, and "used for myself and my spouse" at 24.
0.2%, "the child who provided the most support inherited more" 8.8%, "the child who was in financial difficulty inherited more" 8.4%, and "the eldest son inherited more" 6.5%.
Lim Eul-gi, director of the Elderly Policy Bureau at the Ministry of Health and Welfare, said, "This shows a change in values regarding inheritance," and "As the baby boom generation enters the elderly age group, they
"We believe that he thinks that rather than inheriting the property, he would rather use it himself and not place a burden on his children," he explained.