South Korea’s life satisfaction is falling for the first time in four years. Despite economic success, rising stress, social isolation, and suicide rates are worsening.
South Korea has long been celebrated as one of Asia’s greatest success stories. It transformed from a war-torn nation into a global leader in technology, innovation, and culture. Its economy is among the strongest in the world, boasting high GDP growth, a booming export market, and global influence through K-pop, K-dramas, and tech giants like Samsung and Hyundai.
Yet, beneath this economic prosperity, a troubling reality is emerging—South Koreans are becoming increasingly unhappy.
According to the latest report from the Korea National Statistical Office, life satisfaction in South Korea has declined for the first time in four years, dropping from 6.5 to 6.4 in 2023. The country now ranks 33rd out of 38 OECD nations, far below the OECD average of 6.69. More concerning, South Korea continues to hold the highest suicide rateamong OECD countries, with 27.3 deaths per 100,000 people, a sharp rise from previous years.
Why is life satisfaction declining in one of the world’s most advanced economies? And what can be done to reverse the trend?
Life Satisfaction in Decline: A Reversal After Four Years
For the past decade, South Korea had been making slow but steady progress in improving life satisfaction. The country’s national happiness score, which stood at 5.7 in 2013, gradually increased to 6.1 by 2018. Even during the pandemic, when much of the world saw a decline in well-being, South Koreans reported a slight increase in their overall satisfaction, with the score stabilizing at 6.5 in 2022.
However, this upward trend has now come to a halt. In 2023, South Korea’s life satisfaction rating dropped for the first time in four years, falling to 6.4, ranking 33rd out of 38 OECD nations. This decline suggests that despite economic recovery and post-pandemic normalization, financial instability, social fragmentation, and mental health strugglescontinue to weigh heavily on South Korean society.
The latest Life Quality Report 2024 highlights several concerning trends. While GDP remains strong and employment rates have improved, trust in institutions and social well-being have deteriorated. Public confidence in government, law enforcement, and public services has steadily declined, and interpersonal trust between individuals has also weakened. This erosion of social cohesion reflects deeper issues beyond economic statistics—issues that are now manifesting in rising stress levels, growing loneliness, and an overall decline in happiness.
Suicide Rates: The Highest Among OECD Nations
Among the most alarming findings in the report is the rise in suicide rates, which have reached their highest level in nearly a decade. In 2023, South Korea recorded 27.3 suicides per 100,000 people, up from 25.2 in 2022. This figure once again places the country at the top of the OECD’s global suicide rankings.
Men remain at significantly higher risk, with a suicide rate of 38.3 per 100,000, compared to 16.5 per 100,000 for women. The situation is particularly severe among elderly South Koreans, many of whom face financial insecurity and social isolation. Suicide among young adults has also risen, driven by extreme academic pressure and a highly competitive job market.
While many developed nations have successfully implemented measures to reduce suicide rates over the past two decades, South Korea’s numbers remain stubbornly high. The country’s struggle with mental health issues stems from deeply ingrained societal factors. Long working hours and relentless job expectations contribute to high levels of stress and burnout. The education system, one of the most competitive in the world, places extreme pressure on students, sometimes at the cost of their well-being. At the same time, rapid urbanization and shifting family dynamics have weakened traditional support networks, leaving many individuals feeling increasingly isolated.
For the elderly, financial insecurity is a particularly severe issue. South Korea has one of the highest rates of senior poverty among developed nations, and many retirees struggle to afford basic necessities. With weak pension systems and inadequate social support, many elderly citizens face a bleak and lonely existence, which has contributed to rising suicide rates in this demographic.
Despite increasing awareness of mental health issues, access to affordable psychological support remains limited, often due to high costs and lingering social stigma. While suicide prevention campaigns and mental health initiatives have been introduced, they have yet to produce a significant reduction in suicide rates.
Who Is the Most Unhappy? South Korea’s Growing Social Divide
While life satisfaction has declined across the country, certain demographics are feeling the impact more acutely. Lower-income households, older generations, and those with weaker social connections report significantly lower happiness levels compared to wealthier, younger, and more socially engaged individuals.
Among South Korea’s most economically vulnerable, those earning less than 1 million KRW ($750) per month report the lowest life satisfaction score of 5.7, significantly lower than the national average. On the other hand, those earning 6 million KRW ($4,500) or more per month report a satisfaction level of 6.6, highlighting a stark contrast between socioeconomic groups.
Age also plays a crucial role in life satisfaction. Young adults aged 19-29 report a score of 6.5, reflecting moderate optimism about their future. However, this number drops significantly after the age of 50, indicating that aging in South Korea is often associated with declining well-being. This drop in satisfaction among older generations is closely tied to financial insecurity, social isolation, and health concerns.
Moreover, South Korea is experiencing a worrying decline in social trust. Satisfaction with family relationships fell from 64.5% to 63.5% in just one year, while trust in government institutions and public services dropped to 51.1%. Interpersonal trust—how much South Koreans feel they can rely on others—has also fallen, now sitting at 52.7%, reflecting a growing sense of social disconnection.
These findings indicate that while South Korea continues to develop economically, the strength of its communities and support systems is weakening, leaving many individuals feeling unsupported and disconnected from society.
South Korea now faces a pivotal moment in its development. While it remains an economic and technological powerhouse, its citizens are struggling under the weight of social and financial pressures. The decline in life satisfaction and the rise in suicide rates cannot be ignored—they are urgent indicators of a deeper crisis within South Korean society.
Although some steps have been taken to address these concerns, they have so far been insufficient. Without bold reforms in work culture, mental health care, and social welfare, South Korea risks becoming a nation of prosperity but personal despair.
As other developed countries look to South Korea as a model for economic growth, they must also recognize the hidden costs of rapid modernization. The challenge now is not just to sustain economic success but to ensure that success translates into well-being for its people.
