Rich Older Koreans More Prone to Worrying

Rich older Koreans are more prone to worries that they may lose their money and social status, a study suggests.

"As income or assets among the elderly rise, anxiety levels tend to drop, only to surge again in the top 20 percent of the income bracket or more than W1 billion in assets," the Korea Institute for Health and Social Welfare said in a report published early this week (US$1=W1,300).

The institute surveyed 1,000 people aged 65 to 74, and those in the top 20 percent scored 3.37 out of 5 points when it comes to anxiety caused by inequality and excessive competition, while those in the top 20 to 40 percent scored 3.34 points.

The richest also scored 3.21 points when it comes to anxiety about society and the government, higher than other brackets. That included fear of being unable to catch up with social changes.

Kwak Yoon-kyung at the institute said, "Wealthier people tend to be more anxious, because a high proportion of their assets is real estate, which cannot be turned into cash quickly."

Some 70 to 80 percent of senior citizens' assets is tied up in real estate, and with not many cashable assets they are afraid of taxes imposed based on their properties, which in turn creates discontent with the government.