Rising living costs, debt fuel mental health crisis among Seoul’s youth

“A deepening debt crisis among young Koreans has evolved into a dire mental health emergency, with around 40 percent of those petitioning for court-ordered debt relief reporting suicidal urges over the past year, according to a report released Tuesday. The study, conducted by the Seoul Financial Welfare Counseling Center, surveyed 1,025 people under the age of 30 who are currently navigating the city’s bankruptcy court system. The findings offer a bleak window into the lives of a generation for whom the vicious circle of debt is increasingly driven not by reckless speculation, but by the basic cost of living. While popular narratives in Korea often blame youth debt on luxury spending or volatile crypto investments, the survey suggests a far more systemic collapse. Nearly 68 percent of respondents cited everyday living expenses as the primary spark for their debt. Furthermore, the share of those burdened by supporting family members or falling victim to fraud rose significantly over the last year. The economic floor has fallen out for many. More than half of the debtors attributed their

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