This year, the proportion of young people in their 20s and 30s among those who owed money increased.
In particular, the average loan amount of new borrowers (borrowers) in this age group increased by nearly 20% this year, recording the highest rate of increase in all age groups.
26th Bank of Korea Household Debt Database (DB[012030]According to ), the number of new borrowers accounted for 6.7% of all borrowers until the third quarter of this year, which is less than last year (7.1%).
However, the amount of debt held by new borrowers was 3.7% of the total, an increase of 0.4 percentage points from last year (3.3%).
This is because the average loan amount of new borrowers increased by 17.3% from 39.94 million won in 2019 to 45.84 million won this year.
Looking at new borrowers by age group, the share of all new borrowers in their 30s or younger was 58.4% (based on the number of borrowers) until the third quarter of this year. This share has been increasing every year since 49.5% in 2017.
On the other hand, the proportion of new borrowers in their 40s decreased from 19.4% in 2017 to 14.9% this year, and also in their 50s (16.9% → 13.8%) and 60s or older (14.2% → 12.9%). The pattern was similar when based on the amount of debt held.
The debt of new borrowers in their 30s and under this year accounted for 55.3% of the total, higher than last year (52.4%), and the rest of the age groups decreased at once.
The debt growth rate of new borrowers in their 30s and under surpassed all other age groups.
As of the third quarter of this year, their average debt holding amount was 43.55 million won, which was less than that of other age groups, but it increased 19.9% from the average debt of last year’s new lenders under 30s (36.32 million won) at the end of last year.
This rate of increase exceeds those in their 40s (53.93 million won, +16.9%), 50s (47.77 million won, +14.4%), and over 60s (46.1 million won, 12.9%).
Han Eun explained, “Young people have a lot of loans for the first time in their lives due to employment, etc., but it seems that the scale of their loans has increased as their home purchases have increased in recent years.”
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