Earlier this month, I had the pleasure of meeting a Korean friend for dinner in Boston. As the conversation turned to future plans, my friend told me he would have to retire in two years, at age 60. He mentioned that he was worried about finding work to fill the gap between retirement and the beginning of his pension. He added that when he got together with friends, the most common topic was working after retirement.
On the train back to Providence, Rhode Island, that evening, I thought about the passage of time and about how South Korea might change as the large and influential “386 Generation” retires. “386” refers to people born in the 1960s who went to university in the 1980s and were in their 30s in the 1990s. By the beginning of the 2030s, most of this generation will have retired from their main careers, though many will remain in the workforce in some capacity. What will this generation leave South Korea? Where is it headed as their influence fades?
The history of large influential generations in the US and Japan provides some reference. In both countries, a baby boom immediately following World War II produced a large generation that grew up with postwar economic booms and the rise of middle-class consumer culture. In the US, the baby boom generation made its mark on society beginning in the 1960s with the protests against the Vietnam War and the civil rights movement. In Japan, the “dankai no sedai,” or “cluster generation,” was politically active as protests roiled elite universities in the late 1960s.
The baby boomers in the US and the dankai generation in Japan share a common history of middle-class affluence and left-leaning political activism. Like previous generations, they became more conservative as they moved through middle age, but remained more open to new ideas than previous generations at the same age. This is reflected in their embrace of globalization and, to a lesser degree, the digital revolution in the late 20th century.
The 386 Generation in South Korea emerged roughly 15 years later but followed a similar path. They grew up during the early stages of the economic boom in the 1960s and 1970s and an emerging middle-class society. Like their US and Japanese counterparts, they became politically active, driving the democratization movement in the 1980s. Similarly, they embraced globalization and became the leaders in the internet boom in the late 1990s.
As happens with all generations, by the late 1990s, the boomers in the US and the dankai in Japan had become the establishment they once fought against. The same thing happened in South Korea around 2010. Instead of leading the charge for change, they naturally became targets of younger generations calling for their vision of change. Yet the size and influence of these generations have made it harder for them to let go compared to previous establishment generations.
The upcoming local elections and the National Assembly elections in 2028 will see more post-386 Generation candidates winning. The next presidential election in 2030 may see a candidate born in the 1970s for the first time. But as the season turns, these next-generation politicians will take charge under the democratic system largely created by the 386 Generation. Building and defending a successful democracy is the 386 Generation’s greatest contribution to Korea.
South Korea now ranks near the top in life expectancy among nations, and most members of the 386 Generation can expect to live at least until their early 80s. What will they do with the time?
The 386 Generation is the first generation in which two children became the desired maximum. This makes it the first generation in which only one child was increasingly common. This is a sharp difference from previous generations, in which three or more children were the norm.
Having fewer children has caused longstanding expectations that children will take care of their parents to fade. Many in the 386 Generation are now dealing with aging and sometimes demanding parents and do not want to be burdensome to their children. The 386 Generation thus promises to be the first generation of retirees in South Korean history that prioritizes an independent and active retirement.
The problem, of course, is finding a way to pay for independence, which is where work comes in. Work, however, is about more than money; it’s also about social engagement and relevance. Expect the 386 Generation to redefine work as a retirement activity spanning the broad gray area between need and choice.