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Assessing Financial Preparedness in Old Age in Asia: Evidence from the Republic of Korea

Author

Listed:
  • Sang-Hyop Lee

    (University of Hawai`i at Mānoa)

  • Hyun Kyung Kim

    (Chungbuk National University)

  • Huixia Wang

    (Hunan University)

  • Donghyun Park

    (The South East Asian Central Banks (SEACEN) Research and Training Centre)

Abstract

We estimate expected financial resources in old age—including public transfers, family transfers, accumulated assets, and post-retirement labor income—and compare them with target consumption needs. The sample is divided into a reference group (individuals at or beyond retirement age) and a target group (pre-retirement individuals). Two retirement scenarios are considered: (i) a statutory retirement age of 62 for both men and women, and (ii) effective retirement ages of 66 for men and 65 for women. Results are presented by gender and place of residence. We find substantial heterogeneity in financial preparedness, with women facing significantly larger shortfalls than men. Continued work and family transfers remain critical pillars of old-age support, highlighting the transitional nature of the Republic of Korea’s welfare regime.

Suggested Citation

  • Sang-Hyop Lee & Hyun Kyung Kim & Huixia Wang & Donghyun Park, 2026. "Assessing Financial Preparedness in Old Age in Asia: Evidence from the Republic of Korea," ADB Economics Working Paper Series 863, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:023633
    DOI: 10.22617/WPS260410-2
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    Keywords

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    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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