Although population ageing is a global phenomenon, the trend is more acute in South Korea than anywhere else. First, our women are reluctant to have children, with the average birth rate standing at just 1.17, the lowest in the world.
Second, the number of elderly people is growing fast. In 2000, those aged over 65 accounted for 7 per cent of the population. But that is likely to surge to 14 per cent in 2019, and 23 per cent by 2030.
Both factors make South Korea one of the fastest-ageing countries in the world, which means much heavier financial burdens on the working population. Also, the total population is likely to shrink from 2020, unless these trends are reversed.
With today's medical technology, life expectancy is much higher. Therefore, the only way for South Korea to prevent the rapid ageing of society is through a higher birth rate.
But as society becomes more competitive, young women are increasingly reluctant to have children. For those who do, education costs are among the highest in the world. Granted, public schooling is still cheap, but more people are turning to better-quality private education.
Education costs can eat up a quarter of a household's total income. But even after spending so much, there are still no guarantees. Nearly 500,000 new high-school and university graduates are unemployed.