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KMID : 0379220140340030595
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Journal of Korea Gerontological Society
2014 Volume.34 No. 3 p.595 ~ p.611
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A Study on the Elderly Poverty by Using the Concept of “Income-Net Worth”
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Jung Ji-Un
Kim Ju-Hyun
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Abstract
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This study raises issue with the fact that elderly households will enjoy undue benefits if their financial status is measured only by their current income levels. To avoid this, poverty rate and poverty gap rate will be measured using the income-net worth concept and then be compared with income poverty. Additionally, this study will suggest the difference between the income of household heads according to age groups and poverty rate measured by the income-net worth concept, as well as the degree of absolute and relative contribution to the poverty of the entire population. Finally, this study will make guesses about factors that determine poverty and suggest probability for poverty based on age and gender (marginal effect). An analysis of the 2012 Household Finance and Welfare Survey data showed that poverty risks for middle-age and elderly households could be overestimated if poverty is measured by only income. Also, whereas the marginal risks of income poverty showed a U shape in which the risks increased in line with ages of household heads, measuring poverty through the income-net worth concept showed a much softer curve while absolute levels were also lower. This implies that when measuring the financial status or poverty of elderly households, their asset holdings have to be adequately considered alongside their income levels in order to have a correct understanding of their current situation and map out proper policy measures accordingly.
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KEYWORD
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Measures of the economic status , Elderly poverty , Income-Net Worth
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