Nearly half of the population in Busan, South Korea’s second largest city, is over age 50, a report compiling statistics on those over 50 in Busan showed, Wednesday.

The report by Busan Metropolitan City revealed that, as of 2022, 46.5 percent of the city’s population, totaling 1.53 million, belongs to the age group of 50 and above. The figure breaks down into two subgroups: approximately 830,000 residents who are age 50 to 65, and the remaining 702,000 residents who are aged 65 or older.

Despite the overall decline in the total population of Busan, as per data from Statistics Korea, the demographic consisting of those aged over 65 is expected to grow and make up 53.3 percent of the city's population by 2050. In 2020, this age group constituted approximately 26 percent of the population.

In the realm of mental health, both age groups 50 and above exhibited an upward trend in experiencing depression lasting more than 2 weeks in the past three years. Those age 50 to 65 reported a rise from 6.5 percent in 2021 to 8.3 percent. Those 65 and older reported a higher percentage of 11.4 percent, marking an on-year increase of 2.8 percentage points.

The percentage of single-person households in the 50 to 64 age bracket in Busan was 25.9 percent, while among the 65 and older population, it reached 38.1 percent.

The older group also showed higher economic vulnerability compared to the younger group.

Approximately 40 percent of the households headed by people 65 or older had a household income of less than 1 million won ($758), a figure notably higher than the 6.5 percent of those 50 to 65. Of the 50-65 age group, 86.5 percent were preparing for post-retirement life, while 67.4 percent of the over-65 age group were engaged in similar preparations.

Around 74 percent of both groups combined chose the national pension as their primary source of financial support after retirement.

The city mayor expressed his commitment to formulating new policies for older residents. In response to the challenges posed by the aging population and Korea's shift toward a super-aging society, Busan aims to transform this crisis into an opportunity, he said.