Seoul’s aging poor driven toward bankruptcy by living costs

Those in their 60s accounted for the largest share of bankruptcy applicants at 36.5 per cent. Read more at straitstimes.com.

SEOUL - A growing number of residents in Seoul are falling into irrecoverable debt, with new city data showing that people in their 60s and older now make up the majority of personal bankruptcy applicants.

Six out of every 10 individuals who sought personal bankruptcy assistance through the Seoul Financial Welfare Counseling Center in 2025 were aged 60 or above, according to a report released on March 10.

The center analysed 1,192 valid bankruptcy applications filed in 2025 as part of its annual review of bankruptcy counseling cases.

Those in their 60s accounted for the largest share of bankruptcy applicants at 36.5 per cent, followed by people in their 50s at 25.1 per cent and those aged 70 or older at 21.5 per cent.

Combined, people in their 50s and above made up 83.1 per cent of all applicants, the report found.

An overwhelming 86.2 per cent of applicants were recipients of basic livelihood security benefits, marking the third consecutive year the proportion has risen, from 83.5 per cent in 2023 to 83.9 per cent in 2024.