A significant portion of young people in their 20s are being pushed into non-regular employment. (Image supported by ChatGPT)
SEOUL, Oct. 1 (Korea Bizwire) — South Koreans in their 20s have seen the weakest real income growth of any generation over the past decade, according to a new analysis, underscoring concerns over job quality and rising living costs that continue to weigh heavily on the country’s youth.
The Korea Economic Association (HanKyungHyup) reported on Sept. 29 that real income for people in their 20s rose just 1.9 percent annually between 2014 and 2024, the lowest among all age groups. The growth rate trailed that of workers in their 40s (2.1 percent), 50s (2.2 percent), 30s (3.1 percent), and those over 60 (5.2 percent).
The slowdown has been particularly sharp in recent years. Between 2014 and 2019, young adults’ real income grew 2.6 percent annually, but in the following five years through 2024, that figure dropped to 1.1 percent.
Analysts pointed to deteriorating job quality as a key factor. While employment among those in their 20s has risen — with joblessness falling from 9 percent to 5.8 percent and the employment rate climbing to 61 percent — the share of non-regular workers jumped from 32 percent to 43.1 percent, the steepest increase of any generation. These positions typically offer lower pay and fewer benefits.
Younger workers in their 20s saw the lowest real income growth over the past decade, while those over 60 experienced the strongest gains. (This chart supported by ChatGPT)
Rising living costs, especially for dining and lodging, have also eroded young Koreans’ earnings. Although disposable income for people in their 20s grew modestly from 3.8 percent annually in 2014–2019 to 4.0 percent in 2019–2024, their perceived inflation rate more than doubled, from 1.1 percent to 2.8 percent.
The surge in food and hospitality prices — up 4 percent annually, the second highest among major spending categories — largely offset gains in income.
The association warned that without targeted measures, the income stagnation facing young Koreans could undermine economic vitality. It urged policies to create higher-quality jobs, expand vocational training, and stabilize restaurant and food prices by easing tariffs and reforming agricultural distribution systems.
“Improving job quality and tackling the rising cost of dining out are essential to lifting real incomes for the younger generation,” a HanKyungHyup official said.
Lina Jang (linajang@koreabizwire.com)
