Median age of the population in South Korea 2024

Demographic development in South Korea in the final decades of the 21st century saw rapid change across its society. In South Korea, the average age of the population rose from below 20 years in the late-70s to around 45 years today, and it is projected to rise to over 62 years in 2074.

With one of the lowest fertility rates in the world, population aging is one of the largest challenges facing South Korea today. If these projections come true, then South Korea is on course to soon have a smaller working-age population than its combined child and elderly populations. Recent years have shown population aging to be a compounding issue that exacerbates itself - young people often become responsible for providing care for elderly relatives, straining time and financial resources and dissuading many from having their own children. The state must also invest much more money into elderly care and healthcare, often redistributing resources that were previously invested in childcare and education. Although the state (and even some private companies) are now offering financial incentives for couples to have children, it remains to be seen whether these measures will be enough to reverse years of rapid population aging and declining fertility rates.