Difference in Consumption Patterns depending on Ages (2)

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Hello, how have you all been these days? Studying for exams? Well, hope everything goes well.

Today, I am going to explain more about the difference in consumption patterns at each age group. You remember the similarity of consumption patterns I posted before, don’t you? If you missed out the post, please refer to my previous post (https://financialservicescommission.wordpress.com/2012/10/18/difference-in-consumption-patterns-depending-on-ages-1/)

Let’s begin to look at the different consumption pattern shown from each age group.

For example, health care expenditure has risen only for those in their 60’s. As you see, its portion has enlarged from 8.6% in 1990 to 11.7% in 2000, and this upward pattern still goes on. However, when it comes to education, the biggest consumers are the middle-aged. The middle-aged spent more than 20% of their expenditure for education. Interestingly, for heat and water service, the elderly above 60s and the young in their 20s showed the largest proportion of total expenditure. Telling you the exact figures, the proportion was 13.5% and 13.7% for the elderly and the young, respectively.

source: Samsung Economic Research Institute (SERI) Economic Focus (No.394/2012.09.18)

See? So, clearly, there are differences in consumption style depending on each age group. You may guess why they are distinguished. Why do the elderly spend relatively more money for health care? Obviously, this is because they need more medical treatment compared to the young. Similarly, when we think of education, we can easily guess that the middle-aged in their 40’s are paying for their children’s tuition fees.

What do these statistics imply? Generally, aged people tend to spend less money. This might be a result of retirement along with their anxieties for the future. Considering that our society is facing aging issue, it is required to enhance chances for the elderly to work longer, or supply more benefits such as a better medical insurance system for them. For the middle-aged burdened with private education expenses, the government is to share the burdens by reducing the cost of private education.

* For more talk about the aging society, please refer to our blog post ‘ FSC’s Chairman at Retirement Forum’ https://financialservicescommission.wordpress.com/2012/10/10/1047/

These are the stuff that I would like to tell you. Now, you may analyze consumption patterns for other fields at each age group, right? If you have further questions about my post, just leave your comment. See you next time!

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