Young South Koreans more insecure about future living conditions than global peers

[Photo by MK DB]

South Korean young people aged from 17 to 37 are most worried about livelihood in the future, with their sense of insecurity greater than their international peers, survey showed.

Half, or 49 percent of Korean respondents to Deloitte’s 2022 Gen Z and Millennial Survey, conducted on 23,220 people across 46 countries from Nov. 24, 2021 to Jan. 4, 2022, cited living expense as greatest concern. Global average was 36 percent.

Deloitte Korea on Thursday released its study on the responses of Koreans in multinational consulting firm Deloitte’s annual survey on Gen Zs (born in 1995- 2003) and millennials (born in 1983-1994).

Almost half of Gen Zs (44 percent) and millennials (46 percent) of Korean respondents said they live paycheck to paycheck. More than a quarter of both age groups, including Koreans, said they were not confident of being able to retire comfortably.

Deloitte in the report underlined that economic conditions and quality of life have deteriorated across the world as it went through the pandemic. It suggested the steep rise in inflation is causing Gen Zs and millennials worry about the rising cost of living, while predicting the disruption, such as geopolitical conflicts, extreme climate events and inequality, to become “part of the new normal.”

Gen Zs in Korea was more pessimistic about the future than global peers. A 43 percent of Korean Gen Zs expected the country’s economic situation to improve over the next 12 years, while global response was 37 percent. Only 16 percent of Koreans expected improvement, versus 28 percent of the global response.

Gen Zs and millennials were found to be actively exploring opportunities for more income. A 43 percent of Gen Zs and 33 percent of millennials had second job, either full time or part time. In Korea, 32 percent of Gen Zs and 24 percent of millennials are taking on second jobs.

Stress level was found to be high, especially for Gen Zs. Nearly half of Gen Zs (46 percent) and 38 percent of millennials said they felt stressed out all or most of the time. Korean response was 34 percent for Gen Zs and 36 percent for millennials.

The biggest cause of their stress was concern about financial security. A 41 percent of Korean millennials and 37 percent of Gen Zs indicted stress from uncertainty in long-term financial future. The global response was 43 percent for millennials and 47 percent for Gen Zs.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]