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[Graphic News] Economic happiness fades with age

Dogged by job in security and retirement plans, Koreans in their 50s and 60s are less satisfied with their financial situation than younger people, a study showed Monday.

The private Hyundai Research Institute said its economic happiness index for 2012 showed that all age groups tended to self-evaluate their economic happiness as very low in general ― an average 40.4 points out of a maximum 100.

The index takes into account six factors: income level, economic distribution, expenditure level, job stability, preparedness for retirement and sense of economic happiness.

The index turned out to be inversely proportional to age in general, with people in their 60s having the lowest, least stable income concentrated on food expenses.

To boost people’s economic happiness, the HRI proposed that the country strengthen retirement pension systems and create more senior-friendly jobs.

By Chung Joo-won (
catch table
Korea Herald daum