Half of bankrupt sole proprietors in S. Korea in the 50s
February 11, 2014 Leave a comment
Half of bankrupt sole proprietors in S. Korea in the 50s
2014.02.10 16:13:59
Nearly one out of two self-employed in South Korea who went bankrupt last year was in their 50s, data showed.
This largely came as a growing number of baby boomers (born from 1955 to 1963) start their business after retirement, but most of them went bankruptcy due to lack of preparation. This means more people are leading a gloomy life over the remaining years after establishing a business.
The number of the self-employed who went insolvent and had their bank accounts closed after dishonoring promissory notes at maturity reached 296 last year, according to the Korea Financial Telecommunications & Clearings Institute Monday.
Among them, 141 were aged between 50 and 59 (born between 1954 and 1963),accounting for 47.6 percent of the total.
The figure is twice as much as those in their 40S with 71 or 23.9 percent and 40s with 73 or 24.6 percent.
The share of those in their 50s out of the self-employed facing bankruptcy is on the rise.
The portion of the self-employed in their 50s stood at 44.0 percent in 2011 and 47.0 percent in 2012.
This is because more and more baby boomers (born between 1955 and 1963) nearing retirement set up their own business.
Indeed, among the self-employed in their 50s who went bankruptcy last year, 91.5 percent or 129 were in the baby boom generation.
The number of sole proprietors in their 50s continued an uptrend even as the total number of self-employed dwindled last year.
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