South Korean Youth Crypto Investment Driving Many to Debt Rising Debt Crisis: South Korean youth are drowning in debt, and it's
crypto investments that are pushing them over the edge, according to alarming new data.
Troubling Trends: The Seoul Rehabilitation Court's latest report for FY2023 reveals a distressing
31% surge in applications for "personal rehabilitation," with young adults aged 20-29 bearing the brunt.
Bankruptcy on the Rise: In FY2022 alone, a staggering 19,379 individuals sought help through rehabilitation or bankruptcy, a significant jump from the previous year's 14,826 cases.
A Chance at Recovery: South Korea's rehabilitation system offers a lifeline to those struggling with debt, but failing to stick to court-mandated repayment plans can lead to
bankruptcy protocols being set in motion.
Youthful Gambles: The court's findings indicate a troubling trend as the proportion of young adults seeking rehabilitation has been steadily climbing. The court attributes this rise to the allure of economic ventures like
cryptocurrency and stock market speculation.
Root Causes: While skyrocketing property prices and soaring unemployment rates contribute to the growing disillusionment among South Korean youth, it is their risky forays into the world of digital assets that seem to be exacerbating their financial woes.
