Korea Faces Rapidly Aging Population

Korea's population is aging rapidly and will start to fall from 2030 after peaking at 52 million. In 2040, more than half of Koreans will be older than 52.

According to Statistics Korea, Wednesday, Korea's population stood at 50.6 million in 2015; and is expected to peak at 52.2 million in 2030.

The median age of Koreans now stands at 40.8, but it will rise to 52.6 in 2040.

A low birth-rate and a longer life span will change the demographic structure drastically. The country's birthrate, or the number of babies a woman chooses to have, was 1.24 in 2015.

People aged 65 or older now make up 13.1 percent of the population, but the ratio will reach 40.1 percent in 2060.

By then, 100 productive people those aged 15-64, will be supporting 80.6 people aged over 65. The ratio is now 17.9.

Single-person households

Statistics also shows that single-person households are increasing.

As more young people delay marriage and more senior citizens live independently from their children, 23.9 percent of households were composed of a single person in 2010, compare with 4.8 percent in 1980.

A household was comprised of 4.5 family members on average in 1980, but this fell to 2.7 in 2010.

More Koreans think marriage is just an option. Those who said marriage was a "must" stood at 56.8 percent in 2014, compared with 68 percent in 2008.

The figures also show that Korean parents are not sparing spending on education. Seven out of 10 elementary, middle or high school students received some private education in 2015, with each costing on average 244,000 won a month.

The average monthly income of households...