With South Korea posting the highest elderly poverty rate and suicide rate among Organization for Economic Development and Cooperation(OECD) member states, a study shows that public transfer of funds help reduce feelings of depression among seniors.
A panel study of three-thousand-636 seniors aged 65 or older conducted between 2019 and 2021 that was released last month, showed a correlation between poverty regarding income, housing, medical care and education and depression.
Researchers also found that while the basic pension and security benefits helped ease feelings of gloom, state pension did not. The level of depression, however, was higher for recipients of state pension, regardless of their financial situation.
Despondency was also greater after the respondents received financial assistance from family members.
The poverty rate among seniors in S. Korea stood at 37-point-six percent in 2021, the highest among OECD members.
The suicide rate of 46-point-six seniors for every 100-thousand also topped the OECD ranking in 2019.