'All seniors talk about these days is stocks' — credit borrowers over 60 buck the downward trend

The number of multiple debtors — borrowers holding unsecured credit loans from three or more financial institutions — continued to fall overall, but among those aged 60 and older, both the number of borrowers and the total loan balance posted double-digit growth. Analysts say the elderly are carrying a growing debt burden, driven by declining income after retirement and demand for operating funds among self-employed seniors.

Data submitted to the office of People Power Party lawmaker Lee Heon-seung, a member of the National Assembly's Political Affairs Committee, by the Financial Supervisory Service on Tuesday showed the number of multiple debtors stood at about 1.64 million at the end of the first quarter this year, down 1.1 percent from about 1.66 million at the end of last year. The total loan balance also fell 1.7 percent, from 158.07 trillion won ($102 billion) to 155.38 trillion won. The figures cover borrowers holding unsecured credit loans from three or more financial institutions.

The aging trend was pronounced when broken down by age group. Multiple debtors aged 60 and older numbered 313,806, up 10.5 percent from the end of last year, while their combined loan balance rose 12.5 percent to 23.95 trillion won. By contrast, both borrower counts and total loan balances fell across all age groups in their 20s through 40s, and the increase among those in their 50s was marginal, at around 1 percent.

Multiple debtors in their 20s dropped 22.3 percent to 63,499, with their loan balance falling 27.3 percent to 2.69 trillion won. Those in their 30s declined 5.2 percent to 279,191, with balances down 10.4 percent to 23.5 trillion won. Borrowers in their 40s fell 4.4 percent to 479,396, with balances down 4.6 percent to 53.49 trillion won. Those in their 50s numbered 501,640, carrying a combined loan balance of 51.74 trillion won.

Multiple debtors aged 60 and older have grown every year since the end of 2023, when they numbered 254,267 with a combined loan balance of 19.15 trillion won.

Meanwhile, the total borrower count — covering all loan types including unsecured credit and mortgage loans — reversed course, turning from a decline to an increase. The total number of borrowers in the first quarter this year reached about 19.33 million, up 0.1 percent from the end of last year, while the total loan balance rose 0.3 percent to 1,914.93 trillion won. The overall borrower count had fallen from about 19.5 million at the end of 2023 to about 19.3 million at the end of last year before ticking back up this year.

Bank of Korea data also confirm the trend of rising multiple debt among the elderly.

Data provided to the office of People Power Party lawmaker Park Sung-hoon, a member of the National Assembly's Finance and Economy Planning Committee, by the Bank of Korea showed the share of multiple debtors aged 60 and older stood at 16.0 percent at the end of the first quarter this year, up 0.6 percentage points from 15.4 percent at the end of last year — the first time the figure has crossed the 16 percent threshold in roughly five years. Their share of the total loan balance also expanded 0.5 percentage points to 15.9 percent.

By contrast, multiple debtors in their 40s accounted for 27.7 percent of the total, with their share of the loan balance at 32.7 percent — down 0.7 and 0.5 percentage points, respectively. Those in their 50s also edged lower, to 26.8 percent and 28.7 percent, respectively. Borrowers aged 30 and under saw their share of debtors rise 0.2 percentage points to 29.5 percent, while their share of the loan balance increased 0.3 percentage points to 22.7 percent. These figures cover borrowers using three or more financial institutions for all loan types, including unsecured credit loans.

Loan growth among elderly self-employed borrowers also continued. According to NICE Information Service, the total loan balance held by self-employed individuals aged 60 and older stood at 406.75 trillion won as of the end of April, up 2.5 percent from the end of last year — the only age group to record an increase.

The financial industry attributes the rise in multiple debt among the elderly to a combination of falling income after retirement and demand for operating capital among self-employed seniors. According to the Bank of Korea's financial stability report for the first half of 2026, the share of self-employed workers aged 60 and older rose 14.5 percentage points over the same period, from 26.7 percent to 41.2 percent.