South Korea’s financial market for people preparing for life after retirement is expected to more than triple over the next decade amid rising demand from its fast-aging population, a report showed Sunday.

The financial market for private pensions, retirement pensions and other private-sector financial products designed to support retirees will grow to 981 trillion won ($905.8 billion) in 2020 from the 302 trillion won estimated for this year, according to the report by Woori Investment and Securities.

The country’s fast-aging population will drive the market growth. The number of those aged 65 or older totaled 5.45 million as of 2010 but is forecast to surge to 8.08 million in 2010, according to an earlier report by Statistics Korea.

South Korea is fast becoming an aged society, in which more than 14 percent of the population is 65 or older. Korea became an aging society in 2000, when the ratio exceeded 7 percent.

Private pension products will likely account for the largest share. The market for private pensions is expected to grow from 187 trillion won in 2011 and the 216 trillion won forecast for this year to 583 trillion won in 2020, the report showed.

That figure was based on the ratio of the pension market size to the country’s gross domestic product and its projected growth rates, it explained.

The retirement pension market will also grow at a fast pace.

The report predicted its market size will grow from 50 trillion won last year to 105 trillion won in 2015 and to 192 trillion won in 2020. (Yonhap News)