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More than 40% of young Koreans feel poor

Some 40% of young Koreans consider themselves poor, according to data from the National Youth Policy Institute. The data showed that 42.6% of 4,114 respondents aged between 19 and 34 said they think they are poor, with some 34.3% of them saying they won’t be able to get out of poverty. The respondents cited familiar transfer of wealth as a key factor aggravating the social divide. Some 41.4% said they earned less than KRW20m (USD16,700) a year, followed by income bands between KRW20m and KRW40m, KRW40m to KRW60m, and more than KRW60m. Nearly 50% of the respondents said they were not satisfied with their income. The state-run policy institute said young people are facing severe inequality problems sparked by the real estate price surge and widening wealth gap, with some parents transferring their assets to children.

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