A new study finds that private consumption remains sluggish as the population continues to age. 

According to a report released Wednesday by the Korea Development Institute(KDI) on how population factors affect propensity to consume, private consumption posted average annual growth of three percent between 2004 and 2024. 

During that same period, the nation’s gross domestic product posted average annual growth of four-point-one percent. 

The figures indicate an increasing tendency not to spend money. 

The report found that the nation’s average propensity to consume fell three-point-six percentage points last year compared with 20 years earlier. 

The KDI attributed this change partly to an increase in life expectancy, saying that alone could have caused a three-point-one percentage point decline as older people faced greater pressure to hold onto their savings.