Youth Inequality and Its Implications for Policy: Focusing on the Labor Market, Income and Assets

Abstract

Social problems surrounding the youth, such as the increased youth unemployment rate, youth income poverty and youth housing poverty, have become more evident due to the impact of COVID-19. Youth have difficulty accumulating assets due to the economic downturn and their unstable employment situations, low income and their being new relatively new to the labor market. However, it should be noted that inequality exists even among the youth population. Although policies targeting youth are being implemented, such as the enactment of the Basic Youth Act and the establishment of the first basic youth policy plan for 2020, there is still a high demand for more policies for youth. In order to connect policies to diverse and heterogeneous young individuals, it is necessary to examine the pattern of inequality within the youth generation. Therefore, this study examines the current status of inequality among youth in terms of labor market, income, and assets, and discusses implications for policy.