The Rise of the "Young Resting" Population in South Korea

The "young resting" population, a growing trend among young South Koreans who choose not to work or study, is becoming a concern for the country's economy and future labor supply. According to a report by the Bank of Korea, the proportion of economically inactive young people aged 25-34 reached 422,000 in the third quarter of this year, a significant increase from last year.

Introduction to the Problem

Introduction to the problem of young resting population The trend of young people choosing not to work or study is becoming a concern for South Korea's economy and future labor supply. This phenomenon is not only affecting the country's economic growth but also the social and cultural fabric of the society.

Reasons Behind the Trend

Reasons behind the trend of young resting population One of the main reasons behind this trend is the lack of appealing job opportunities, especially among highly educated young people. Many young South Koreans are choosing to wait for a job that they actually want, rather than taking any available job. This is partly due to the fact that around 2/3 of people in South Korea aged 25-34 either live with their parents or rely on them financially.

Impact on the Economy

Impact on the economy of young resting population The rising number of young people who are not working or studying is a concern for the country's economy and future labor supply. The central bank is warning that this could be a real problem for future labor supply, and government efforts are essential to bring these young people back to the labor market.

Government Efforts

Government efforts to address the issue of young resting population However, it won't be simple to bring these young people back to the labor market. There has been a trend since COVID-19 of entry-level jobs being unappealing, especially among highly educated younger populations. Additionally, many young South Koreans are not inspired to take jobs that do not match their education level, and they can afford to be choosy due to financial support from their parents.

Conclusion

The rise of the "young resting" population in South Korea is a complex issue that requires a multi-faceted approach to address. While government efforts are essential to bring these young people back to the labor market, it may be challenging for policy makers to step in and break the proverbial umbilical cord. Ultimately, it will require a combination of economic, social, and cultural changes to inspire young South Koreans to take an active role in the labor market and contribute to the country's economic growth.