This study investigates elderly poverty in South Korea by incorporating both consumption and income to provide a comprehensive assessment of the economic status of the elderly population. By examining these two factors, the study aims to identify vulnerable groups experiencing financial difficulties across multiple dimensions. The findings underscore the variability within income poverty among older adults, highlighting notable differences based on asset holdings. Accounting for both income and consumption allows a more nuanced understanding of elderly poverty, revealing vulnerable groups facing economic hardships in both dimensions. Furthermore, elderly poverty is examined across generations, showing that its high rate in Korea primarily stems from pre-1950s cohorts, who benefited less from rapid economic growth and pension schemes. Consequently, effective poverty alleviation strategies should target the older and poorer demographic relatively left out of economic growth and pension programs. Restructuring the Basic Pension to offer substantial support to vulnerable groups, while excluding high-asset but low-income individuals, can enhance the system’s sustainability and effectiveness in poverty alleviation.

Preface
Executive Summary

Chapter 1 Introduction

Chapter 2 The Current State of Elderly Poverty in South Korea
　Section 1 Poverty among Older Adults
　Section 2 Elderly Poverty by Income and Assets

Chapter 3 Elderly Poverty by Income and Consumption
　Section 1 Elderly Poverty Measured by Consumption
　Section 2 COVID-19 and Elderly Poverty
　Section 3 Vulnerability Groups Through Income and Consumption

Chapter 4 Elderly Poverty Examined Across Generations and Policy Recommendations
　Section 1 Generational Analysis
　Section 2 Policy Recommendations

Chapter 5 Conclusion

References
Appendix