As Korea's 'young-old' numbers grow, so does their economic, social impact

People visit a booth of at the Seoul Senior Job Fair 2025 in Gangnam District, southern Seoul, on Nov. 18, 2025. [NEWS1]

A growing cohort of older but economically active Koreans is emerging as a powerful force in the work force and consumer market, driving shifts in policy and industry.
 
Often referred to as the “young-old,” this group — typically in their late 50s to early 70s — is staying in or re-entering the work force, launching businesses and expanding their role in society. As their numbers grow, so does their economic influence, prompting the government and private sector to rethink policies and products to better reflect their skills, spending power and diverse needs. 
 
Among them is 61-year-old Jung Yong-chae, who spent 26 years at Samsung Electronics before retiring and going on to work as an industry-university cooperation professor at Hanyang University, Hanyang Women's University and Chung-Ang University. Along the way, Jung also found time to study and obtained an electrical engineering license. 
 
“Electricity requires understanding mathematical concepts like sine, cosine and complex numbers — the more I looked into it, the more interesting it became,” Jung said. 
 
Last August, Jung took up a job as a facilities officer at an elementary school, only to be forced to quit after injuring a leg in an accident at the end of last year, as his role required a great deal of walking. “Once my leg heals, I plan to look for work again where I can put my electrical engineering license to use,” Jung said.
 
Jung and others aged 50 and over accounted for 37.5 percent of Korea's population at the end of last year, and that share is projected to rise to 57.6 percent by 2050, according to population projections from the Ministry of Data and Statistics. 
 
Drawing on accumulated knowledge and experience, the young-old are remaining economically active well into retirement or finding new outlets for their skills across a wide range of fields. Their appetite for culture, leisure, learning and social participation is equally strong.

A group of seniors are learning violin at a senior culture center in Gangdong District, eastern Seoul, on April 22. [JOONGANG ILBO]

“When I was working, I was too busy to have hobbies,” said Ko Chun-sim, 72, at a senior culture center in Gangdong District, eastern Seoul, on April 22. “Since retiring, I have been learning a musical instrument.”
 
She was among about 10 people in their 60s gathered in a third-floor hall using generative AI to create e-books, while a violin class for seniors was underway on the floor below. 

 

As social participation among this group grows, so does the economic value it generates. The global young-old market is projected to expand from $3.03 trillion last year to $5.41 trillion by 2034, according to the Global Market Statistics' “Silver Economy Market Size, Share & Trends.” 
 
Korea's young-old industry was valued at approximately 85.2 trillion won ($58 billion) in 2023, the Korea Health Industry Development Institute said.
 
Related policies are shifting as well. 
 
Policies for older Koreans have traditionally focused on income support, welfare and care. But as this group comes to be seen not as dependents but as core members of their communities, policy is increasingly focused on encouraging their social participation and creating opportunities for them to put their expertise and talents to use.
Chuncheon, a city in Gangwon, supports middle-aged entrepreneurs by providing workspace, resources and tailored business programs to help turn innovative ideas into successful startups. The Gangdong 50 Plus Center in Seoul supported 709 young-old individuals in finding employment or starting businesses last year. Daegu city supports young-old entrepreneurship through its specialized senior club program.
 
 
Many of the jobs offered to the young-old by central and local government, however, remain low-wage. 
 
Some 70 percent of senior job program participants earn an average monthly activity allowance of less than 300,000 won, the Korea Labor Force Development Institute for the Aged said. 
 
“As demand for employment among older people diversifies — particularly among the baby boom generation — it is important to go beyond simply expanding the number of jobs available and instead provide tailored positions that reflect individual careers and expertise,” said Kang Hye-jeong, head of the social services division at the institute said. “More specialized training programs need to be developed to create professional and high-quality senior jobs.”
 

There are also calls for more finely calibrated policy from central and local government. 
 
“Compared to the first baby boom generation, born between 1955 and 1964, the second baby boom generation, born between 1965 and 1974, who are now entering the young-old bracket, were born after the war and received a proper education — many accumulated assets during the high-growth era — but the variation in their socioeconomic status is far greater,” said Cho Young-tae, a professor at Seoul National University's Graduate School of Public Health. “Yet our society is still stuck with one-size-fits-all policies, such as free public transport for everyone above a certain age.”
 
“There is a need to segment the young-old population precisely and tailor policy accordingly,” said Lee Je-kyeong, director of the 100-Year Management Research Institute (translated), which defines the 65-to-84 age group as the “new middle years.” “For young old people with strong physical and cognitive function who are actively engaged in society, policy should focus on enabling a values-driven life; for vulnerable elderly people, policy should be grounded in everyday practical support; and for those in between, the focus should be on retraining.”


This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY KIM YOUN-HO, MOON HEE-CHUL [lee.jian@joongang.co.kr]