Household head youth average debt of 84.55 million won “When the recession is prolonged, you fall into the socially underprivileged”
A survey found that one in five young people aged 19 to 39 owe more than three times their income. As real estate soared and stocks overheated during the spread of the novel coronavirus infection (Corona 19), it is interpreted that the debts of the 20s and 30s increased significantly due to’Youngkeul (loan by attracting souls)’ and’Debt to invest’.
According to the report titled “Asset status and countermeasures for the future life of young people” published by the Korea Institute for Health and Social Affairs (Korea Institute of Health and Social Affairs) on the 27th, as of 2021, households with a total debt service ratio (DTI) of 300% or more among households with household owners aged 19 to 39 Households were 21.75%. DTI is the ratio of outstanding financial liabilities to disposable income. The proportion of young households with a DTI of 300% or higher was 8.37% in 2012, which increased by 2.6 times in 9 years.
The average debt of households whose heads are between the ages of 19 and 39 was 84.55 million won (as of 2021). This is a figure that includes all households without debt. Looking only at households with indebtedness, the average debt amount as of the same year was 115.11 million won.
In a report, the Korea Institute of Health Insurance said, “Those who purchased real estate and financial assets with so-called debt and debt are currently experiencing many difficulties not only from the burden of loans due to rising interest rates, but also from falling real estate prices and the collapse of the stock market and coins.” If it is prolonged, there is a high possibility that young people with a weak foundation for self-reliance will fall into the socially underprivileged.”
Reporter Kim So-young ksy@donga.com
