Seoul middle-aged estimate 1.96 million won minimum monthly living cost

Middle-aged residents in Seoul believe a minimum of 1.96 million won is necessary for monthly living expenses, with 3.21 million won required for a comfortable life and 5.4 million won for a more affluent lifestyle. These figures are based on a survey of 2,058 individuals aged 40 to 64, conducted by the Seoul Metropolitan Government and the Seoul 50Plus Foundation.

The Seoul Metropolitan Government and the Seoul 50Plus Foundation have developed the 'Middle-aged Quality of Life Index,' the first of its kind in South Korea. This index aims to comprehensively measure the economic status, employment, health, and retirement preparedness of middle-aged individuals, with the goal of integrating these findings into policy-making.

The survey, conducted between June and July, indicated that the average household size among respondents was 2.9 people. The most common household composition was three people (32.1%), followed closely by four people (30.8%). Two-person households accounted for 18.9%, and single-person households made up 12.6%.

These calculated living cost benchmarks differ from traditional statistics that focus on actual consumption and expenditure. The survey's approach captures the perceived financial needs for a specific quality of life among Seoul's middle-aged population.