The baby boomer generation will begin massive retirement this year, but they are left without enough savings to do so. Baby boomers, who have played a key role in Korea's industrialization, are being squeezed between the dual responsibility of supporting their parents and raising their children, leaving themselves ill prepared for retirement.
Statistics shows that 70 percent of baby boomers provide financial support for their parents. However, their parents had not supported them enough while they were growing up. About 64 percent felt they didn't pursue as much education as they wanted, mostly due to economic problems. It was more so with female baby boomers, with seven out of 10 indicating that they didn't receive as much formal education as they had desired.
"Baby boomers are not prepared for retirement. A multiple layer of social safety nets should be prepared," the statistical office said.
Statistics showed that they are under more stress than the rest of the population, with 65.2 percent saying that they feel a great deal of pressure both at home and at work, higher than the average 60.4 percent of the whole population.