South Korea’s personal pension savings rose 4.9 percent last year from a year ago, thanks to robust demand for nest eggs after retirement, data showed on April 9.
The nation’s personal pension savings reserves stood at 135.2 trillion won ($118.2 billion) in 2018, up 6.4 trillion won from a year earlier, according to the data by the Financial Supervisory Service.
The figure includes reserves from pension savings products sold by insurers, banks’ pension trusts and pension savings funds offered by asset management firms.
The number of people who opened pension savings accounts stood at 5.62 million people in 2018, up 0.4 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.
Korea became an aged society in 2017, with the ratio of people aged 65 or older hitting 14 percent of its 50 million population. The country is forecast to become a super-aged society in 2026, when the figure is likely to top 20 percent.
By Ram Garikipati and newswires (email@example.com)