Four in 10 Jeju Residents Are Middle-Aged... 62% Have Loans, 78% Are Preparing for Retirement

【Financial News, Jeju Special Self-Governing Province—Jeong Yong-bok, Reporter】 As the center of gravity in the lives of middle-aged people nationwide has shifted from work toward family, retirement, and health over the past decade, Jeju has seen these changes intersect with population, employment, debt, and housing issues. More than four in 10 Jeju residents are middle-aged people aged 40 to 64, and the share with loans is higher than the national figure.
According to Changes in Middle-Aged People’s Perceptions over the Past Decade as Examined through the Social Survey, released by the Ministry of Data and Statistics on the 21st, the share of middle-aged people nationwide who said they prioritized work fell from 54.1% in 2015 to 35.0% this year, a decrease of 19.1 percentage points.
The share who said they placed similar importance on work and family life rose from 35.5% to 47.6% over the same period, an increase of 12.1 percentage points. The share who said they prioritized family life also increased, from 10.4% to 17.4%.
Perceptions of roles within the family have also changed. The share of middle-aged people nationwide who said responsibility for supporting parents should be shared by families, the government, and society rose from 49.0% in 2014 to 65.0% last year. In Jeju, 64.5% gave the same response last year, showing a trend similar to the nationwide shift.
The share of middle-aged people nationwide who said spouses should share housework equally rose from 37.9% a decade ago to 64.4% last year. However, only 22.1% said they actually shared housework equally. A 42.3-percentage-point gap remained between perceptions and daily life.
When the nationwide statistics are considered alongside Jeju, the policy challenges become clearer.
According to data analyzed by the Honam Regional Data Office, including administrative statistics by life stage, Jeju’s middle-aged population stood at 269,000. It accounted for 41.5% of the province’s total population, the fourth-highest share among the 17 cities and provinces nationwide. In the same year, middle-aged people accounted for 40.5% of the national population.
The middle-aged population in Jeju is also aging. Compared with 2020, the number of people in their 40s fell by 2.2% in 2023, while the number of people in their 50s rose by 6.3% and those aged 60 to 64 increased by 12.9%.
The middle-aged population as a whole also grew by 3.9% over the same period, from 259,000 to 269,000. As the youth population declines and the population ages, middle-aged people have become an even stronger pillar of Jeju’s labor market and households.
The economic burden is also significant. Among middle-aged people in Jeju, 62.3% had loans from financial institutions. This was 5.3 percentage points higher than the national figure of 57.0%. Jeju’s rate was also the highest compared with Gwangju at 58.1%, North Jeolla at 57.4%, and South Jeolla at 56.1%.
The figures differed depending on whether individuals or households were counted. The share of middle-aged individuals in Jeju who owned homes was 44.8%, similar to the national figure of 44.9%. However, the homeownership rate among Jeju households headed by a middle-aged person was 60.4%, lower than the national figure of 63.5%.
Jeju also showed a distinctive pattern in household structures. Single-person households accounted for 27.8% of middle-aged households in Jeju, the largest share among household types by number of members.
Preparing for retirement is also becoming more important in Jeju. Nationwide, the share of middle-aged people who were preparing for retirement or were already prepared rose from 75.8% in 2015 to 81.9% this year. The share who cited the National Pension Service (NPS) as their main means of preparation increased from 51.7% to 61.0%.
According to separate regional statistics for 2023, 78.0% of middle-aged people in Jeju were preparing for retirement. This was lower than the figures for Gwangju at 82.7%, North Jeolla at 80.6%, and South Jeolla at 79.3%. Public pensions were also the largest means of retirement preparation in Jeju.
The social support considered necessary in later life is also shifting from cash assistance toward health and care. The share of middle-aged people nationwide who cited medical and long-term care services as necessary in later life rose from 18.9% in 2015 to 30.3% this year, an increase of 11.4 percentage points. It was the second-highest demand after retirement income support, at 34.4%.
As the share of people in their 60s among Jeju’s middle-aged population rises rapidly and single-person households also increase, there is a growing need to connect medical and long-term care, caregiving, reemployment, and housing policies under a broader approach for the life-course transition rather than address them separately.
Leisure activities showed a wide gap between reality and aspirations. The activities middle-aged people nationwide engaged in most often on weekends were watching video content and resting, each at 73.9%. By contrast, tourism was by far the most desired activity when they had more time and money, at 71.1%. Hobbies and self-development followed at 45.7%, along with attending cultural and artistic events at 34.8%.
For Jeju, which has a large tourism industry, these changing leisure demands among middle-aged people also represent a market opportunity. There is room to connect stay-based tourism, wellness, and cultural and educational programs with the middle-aged consumer market.
The changes affecting Jeju’s middle-aged population span population policy, the labor market, housing and finance, tourism, and welfare. As the generation accounting for more than 40% of Jeju’s population prepares to enter retirement while shouldering employment and loan burdens, middle-aged policy needs to be redesigned not merely as a precursor to elderly policy, but as a strategy to protect a key population group in the regional economy.


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