Eight out of 10 individuals who applied for personal bankruptcy in Seoul last year were over the age of 50, with nearly 70 percent living alone. Six in 10 applicants were men, data showed Wednesday.
The findings come from a report titled "2024 Status of Bankruptcy Discharge Support," released by the Seoul Welfare Foundation’s Financial Welfare Counseling Center. It analyzed 1,314 personal bankruptcy applications, representing 15 percent of the total 8,728 bankruptcy applications filed with the Seoul Bankruptcy Court last year.
The 1,314 cases are from individuals who sought assistance from the counseling center. Of these, 1,302 applications were studied after excluding those deemed invalid.
Among the 1,302 applicants, 86 percent were in their 50s or older. Specifically, 22.7 percent were in their 50s, 39.6 percent in their 60s, 19 percent in their 70s and 4.9 percent in their 80s. It is believed that many in this age group experience a decline in economic activity, often leading to bankruptcy due to insufficient income and reduced ability to repay debt.
By gender, 61.8 percent of applicants were men, while 38.2 percent were women. Those receiving basic livelihood security payments accounted for 83.9 percent of the total.
Single-person households made up the largest share at 68.4 percent, continuing an upward trend from 57.3 percent in 2022 and 63.5 percent in 2023.
shinjh@heraldcorp.com
