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Personal pension savings rise 6.1 pct in 2019

All News 06:00 April 03, 2020

SEOUL, April 3 (Yonhap) -- South Korea's personal pension savings rose 6.1 percent in 2019 from a year earlier on the back of rising demand for nest eggs after retirement, data showed Friday.

The nation's personal pension savings reserves stood at 143.4 trillion won (US$116 billion) in 2019, up 8.2 trillion won from a year earlier, according to the data by the Financial Supervisory Service (FSS).

The figure includes pension savings products sold by insurers, banks' pension trusts and pension savings funds offered by asset managers.

Personal pension savings rise 6.1 pct in 2019 - 1

The number of people who opened pension savings accounts stood at 5.66 million people in 2019, up 0.6 percent from a year earlier, the data showed.

The growth in personal pension savings comes as a growing number of people seek to prepare for old age, analysts said.

Statistics Korea forecast that people aged 65 years or older could account for 46.5 percent of the country's population in 2067, which would mark a sharp rise from 14.9 percent in 2019.

A country is defined as a super-aged society when more than 21 percent of its people are 65 or older.


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