SEOUL, February 06 (AJP) - South Korean financial institutions are increasingly catering to the so-called "young-old" generation - affluent, healthy seniors in their 60s and 70s - by offering a range of specialized services, from estate planning to pet care management.
Leading the trend in Asia, Mitsui Sumitomo Trust Group, the region’s largest trust bank, provides comprehensive services tailored to single elderly households, including funeral arrangements, digital data deletion, and pet relocation after death.
Taniguchi Yoshimitsu, a special director at the bank, emphasized the company’s trustworthiness as a key driver of steady subscription rates for these offerings.
South Korean banks are following suit, introducing trust products designed to address aging-related concerns.
Major financial institutions have launched dementia trusts for medical and caregiving expenses, funeral preparation trusts, and event-specific inheritance trusts aimed at funding grandchildren’s education or weddings. Hana Financial Group has partnered with Mitsui Sumitomo Trust Group to bolster its trust business expertise.
Meanwhile, the aging tech sector is expanding rapidly.
In the United States, healthcare startup Casana is developing smart toilet covers that monitor vital signs, while Japan’s Sompo Care has introduced advanced bathing devices for wheelchair users and sleep monitoring systems to prevent falls.
According to the Korea International Trade Association, South Korea’s silver economy - centered on senior living facilities and services - is projected to grow from 72 trillion won in 2020 to 168 trillion won by 2030, reflecting the rising demand for aging-related financial and technological solutions.
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