South Korean Youth Crypto Investment Driving Many to Debt – Report

South Korean young people are facing a growing debt crisis, as their investments in cryptocurrencies lead many to bankruptcy. According to the Seoul Rehabilitation Court’s report, there has been a 31% increase in “personal rehabilitation” applications, with crypto investments and stock market purchases being the main driving factors for individuals aged 20-29. The report also revealed that the number of individuals applying for rehabilitation or bankruptcy in South Korea rose from 14,826 in FY2022 to 19,379 in FY2023. This trend of rising debt among young people is attributed to their expanding economic activities in cryptocurrencies and stocks. Some experts believe that with soaring property prices and high unemployment rates, young South Koreans see crypto investments as their only hope for financial security. However, financial advisors emphasize the importance of crypto regulation and investor protection to prevent further financial distress among the youth.