.@netflix show #squidgame is a dystopian nightmare.
But some South Korean millennials see the drama series as a grim reflection of their own experiences.
Insider spoke to young people in debt in Seoul to see the reality of life in the capital. 👇
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Sarah Son, a lecturer in Korean studies at the University of Sheffield, told Insider that the debt crisis and squalor seen in South Korean cultural exports like "Squid Game" paints only part of the picture.
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In 2021, South Koreans ran up more than $1.5 trillion in debt, rivalling the country's GDP of $1.63 trillion.
Easy-to-access loans and credit cards appear to be greatly adding to the problem.
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Kim Keunha first moved to Seoul at 19, drawn to the bright lights of the capital.
Since then, Kim has seen Mapo bridge turn into a hotspot for suicides, drawing the desperate and debt-ridden to plunge to their deaths in the waters of the Han River.
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His biggest problem is an eye-watering debt of some $40,000.
Kim's experiences reflect the unforgiving realities of life for some young South Koreans. Stuck in dead-end jobs, with growing debt and no real means of buying a home.
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Kim managed to get approved for four credit cards when he was still employed.
In 2019, it was estimated that credit card use accounted for around 70% of private spending that year.
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The employed are also struggling to pay the large amount of debt they've acquired.
Noh Eun-woo, 25, a sales executive, told Insider that she owes just over $12,000 on her credit card bills, which she considers a "low amount."
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Many Korean millennials live in goshiwons — one-room, dormitory-style quarters containing just a bed and a table.
These bare-bones accommodations have turned into the only housing option many millennials can afford.
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Hwang Tae-ho, 28, an aspiring musician who used to bartend at a club cannot afford a conventional housing unit because he doesn't have enough savings to pay the "wolse."
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Hwang told Insider that he, too, is deep in debt, having racked up around $8,000 in unpaid credit card bills that he has difficulty paying the minimum sum for every month.
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Seoul's steep and ever-climbing real-estate prices make homeownership unlikely even for those in a better financial position.
The average cost of a home rose by 22% year over year in 2020, the largest price increase of any major city in Asia.
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Another issue Korean millennials are facing is unemployment.
As South Korea's young people continue to pursue education, the job market has failed to catch up.
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But it's not all doom and gloom for some who still see beauty and hope in the drudgery of their debt-filled lives.
Hwang, the musician, hasn't stopped chasing his dreams. He hopes that people will hear his songs on the radio someday.
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To read more stories from struggling millennials in South Korea, visit Insider. 👇
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