Why are Koreans getting unhappier despite economic prosperity?

• Published date: 27 February 2023
• Publication title: The Korea Times

A 53-year-old woman identified only by her surname Seo, who runs a kindergarten in Gwangju City, becomes overwhelmed by a sense of anxiety whenever she thinks about her future. Seo says the sense of anxiety is shared by most of her friends to some degree.

"Most of my friends and I talk about life after retirement when we meet. My generation had no chance to think about saving up for retirement. We were too busy making ends meet through hard economic times, so there is no guarantee that I will be able to improve the quality of my life 10 to 20 years from now," she said.

Kim Hyung-joon, a 32-year-old office worker in Seoul, doubts whether his life will get better in the future.

"I doubt whether our future, both at a personal and national level, can get better than the past. I feel tired of the current economic situation ? fluctuating asset prices, inflation and more. I'm often worried whether I would be able to look after my family," said the man who is in his second year of marriage.

They are typical examples of many Koreans who are not satisfied with their lives. Despite economic growth touted as the Miracle on the Han River, with its gross domestic product (GDP) increasing more than 520 percent to $35,168 in 2021 from just $67 in 1953, Koreans' evaluations of their lives have been negative.

Koreans' dissatisfaction with their lives is shown in data. According to Statistics Korea's Quality of Life Indicators report in 2022, the country scored 5.9 out of 10 in terms of average life evaluation. It ranked at 36th among the 38 OECD member countries, followed only by Columbia and Turkey. The OECD average was 6.7.

"Korea is facing various social problems. The society has been losing vigor due to a low birthrate, rapidly-aging population and a high suicide rate," the report noted. It also cited notoriously long working hours, a competitive culture and excessive fervor in education as other social problems.

People who talked to The Korea Times thought there are still many social issues that need to be addressed. They believed such issues stem from uncertainty toward their future and some questioned if they are getting enough policy support from the government.

"Senior citizens get good support in other developed countries. I think Korea has a long way to go in that sense. The social safety net is not adequate. Individuals can only resort to their own efforts, so the struggle goes on," Seo said.

What is especially notable in the report is the increase in the number of...