The Current Status of Assets and Responses of Young Adults in South Korea

Abstract

This study aims to examine the current status of young adults’ assets and debts, to identify changing attitudes of them towards assets and their welfare needs, and to draw policy implications based on the findings. First of all, this study delves into previous studies on assets and reviews Singapore and domestic cases. Using the Survey of Household Finances and Living Conditions, we analyze young adults’ assets and debts from 2012 to 2021, specifically focusing on young adult heads of households aged 19 to 39 across the nation. Then, FGI interviews are carried out with those aged 19 to 39 living in Seoul Metropolitan Area to find out how they perceive assets and debts, how they accumulate the net asset, and what their welfare needs are in this matter, with the way the current policy can improve. Finally, conclusions are drawn from the mixed method findings, with some limitations and future studies behind.