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The Korean population is aging, so it stands to reason that age of household heads is on
the rise as well. But, what's more concerning is the fact that
the older the head of a household, the faster the rate of increase in their spending...
and thus more likely to fall below the poverty line.
In 1990, just three percent of household heads were in their sixties or above.
That number jumped to 24 percent in 2012, according to a recent study by the Korea Institute
for Industrial Economics and Trade. The rate at which older bread winners spent
money on everyday items like food and transportation was higher than the increase in their income.
Analysts highlight the need for improving welfare services to address this growing trend..