, according to the Education Data Initiative.
"The student-loan problem in Korea is not as serious as in the US, where most college graduates have to start their social lives with a heavy debt," Kim Seong-kon, a professor emeritus in cultural studies and the former dean of international affairs at Seoul National University, told Insider. Young South Korean job seekers are faced with rising unemployment rates in a highly competitive society.As of February, the unemployment rate for people between 20 and 29 in South Korea was 7%, according to a report byBy comparison, the unemployment rate in the US for 25- to 34-year-olds was 3.
Despite Korea having low levels of student debt, more young Koreans are now taking loans, said Mamou, the Koisra CEO. He estimates that around 35% of loans in Korea are given to Generation MZ borrowers.in stocks, in hopes of striking it rich. Young South Koreans are the world's biggest spenders on luxury goods, in part because they can't buy property.Chung Sung-Jun/Getty Images