Elderly Koreans' monthly spending averages 1.5 mln won

A South Korean aged 50 or older spends 1.53 million won on average a month, a survey showed Monday.

The expenditures of people in their 50s more than doubles that of those aged 80 or older, according to the National Pension Research Institute.

It analyzed data on the spending of 4,777 households nationwide collected from May till September in 2014.

It found that their monthly cost of living is around 1.5 million won.

That of males stood at 1.78 million won and females 1.4 million won.

By age, those in their 50s spend 2.11 million won, in their 60s

1.29 million won, in their 70s 984,400 won and in their 80s 937,400 won.

Among the elderly surveyed, 70.5 percent relied on their own income or that of their spouses, while 23.7 percent depended on financial support from their children or relatives. Only 5.9 percent lived on aid from the government or charity groups.

On their living quality, 35.2 percent said they were not satisfied, while only 15.5 percent expressed satisfaction. The rest viewed it as "so-so." (Yonhap)

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