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Insider Asia Profile picture
@InsiderAsia
Oct 22, 2021 • 14 tweets • 8 min read • Read on X
Scrolly
.@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. 👇

insider.com/south-koreas-m… Image from Netflix show squ...
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.

insider.com/south-koreas-m… Quote from lecturer at the ...
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.

insider.com/south-koreas-m… Infographic: $44,000 is the...
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.

insider.com/south-koreas-m…
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.

insider.com/south-koreas-m… Quote from resident of Seou...
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.

insider.com/south-koreas-m… Quote from a resident of Se...
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."

insider.com/south-koreas-m… Quote from a resident of Se...
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.

insider.com/south-koreas-m…
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."

insider.com/south-koreas-m… Definition of the term wols...
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.

insider.com/south-koreas-m… Quote from resident of Seou...
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.

insider.com/south-koreas-m… Infographic: 93% increase i...
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.

insider.com/south-koreas-m… Infographic about unemploym...
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.

insider.com/south-koreas-m… Quote from a Seoul resident...
To read more stories from struggling millennials in South Korea, visit Insider. 👇

insider.com/south-koreas-m…

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More from @InsiderAsia

Insider Asia Profile picture
Oct 24, 2021
China's economy — the world's 2nd-largest — is on the brink of disaster.

President Xi Jinping must strike a balance between eliminating China's crushing debt and maintaining consumer confidence.

If he fails, the rest of the world better watch out.

businessinsider.com/china-economy-… Graphic shows Chinese President Xi Jingping walking across a
Since this spring, Beijing has:

🚫 canceled initial public offerings
💻 fined tech companies billions for antitrust violations
📚 forcibly shut down China's entire for-profit education industry

businessinsider.com/china-economy-…
The upheaval, spanning multiple industries and vast swaths of the country, is the result of one giant issue: China's inability to borrow or buy its way out of its current economic crisis.

businessinsider.com/china-economy-…
Read 12 tweets
Insider Asia Profile picture
Sep 23, 2021
In July, the Indonesian capital of Jakarta became the Southeast Asian epicenter of the pandemic.

These are the three key issues that could make Indonesia vulnerable if there's another wave. 👇

insider.com/indonesia-pand… Image shows a Jakarta resident visiting the grave of a relat
Hendro Utomo, 53, would listen as the loudspeakers from the local mosque announced who had died the day before.

"Five, eight dead every day, just in my neighborhood," he said.

insider.com/indonesia-pand… Image shows an Indonesian food bank worker reaching out with
Emergency doctors like Debryna Dewi, 29, had to regularly decide which patients would receive a hospital and which were sent home.

insider.com/indonesia-pand… A text-only graphic that reads: "That's not something t
Read 14 tweets
Insider Asia Profile picture
Aug 1, 2021
The typical Chinese millennial makes $22,000 a year but has no student debt, grew up in an economic boom, and has learned how to outhustle everyone else.

Meet some of them here. 👇

insider.com/meet-the-typic…
While millennials in the US are known for enduring financial crises, those in China grew up during a period of economic reform.

China's millennials — those born between 1981 and 1996 — started working while the country's GDP per capita soared. 💸

insider.com/meet-the-typic… Photo shows a 39-year-old designer in Guangzhou named Chen H
Millennials in China are expected to own an apartment, get a high-paying job, and find a spouse by the time they hit 30.

⏰ The country's major tech companies celebrate working six days a week, 12 hours a day, as part of a "hustle culture."

insider.com/meet-the-typic… Photo shows a family walking through an airport. It is overl
Read 11 tweets
Insider Asia Profile picture
Jul 31, 2021
A battle is unfolding over the world's smelliest fruit.

Insider spoke to farmers in Malaysia who say their entire livelihood is being wiped out at the worst possible time.

insider.com/malaysia-farme… Image shows Musang King dur...
In Southeast Asia, the durian is the undisputed king of fruit.

The smell, though, is divisive.

insider.com/malaysia-farme… Image shows a close-up shot...
Still, durians are a special treat in Asian households, costing as much as $13 a pound.

insider.com/malaysia-farme… Image shows piece of hangin...
Read 12 tweets
Insider Asia Profile picture
Jul 10, 2021
Using a special sustainable toilet in South Korea can get you books, fruit, and even freshly brewed coffee. 🚽

Here’s how.

insider.com/south-korean-u…
Professors at Ulsan National Institute of Science and Technology have designed a toilet that converts methane from one's faeces into an energy source. 💩

insider.com/south-korean-u… Photo shows a glowing ball on top of a toilet. It is overlai
BeeVi uses a vacuum and a small amount of water to send poop from the toilet into an underground tank and bioreactor, prompting its creators to call it a "super water-saving vacuum toilet."

insider.com/south-korean-u… Photo shows UNIST professor Cho Jae-weon standing next to a
Read 7 tweets
Insider Asia Profile picture
Jun 30, 2021
Xiapu County in China's Fujian province is almost a little too picture-perfect, with photos of the county’s scenic spots abound on Weibo, China’s equivalent to Twitter.

The catch? Most of them are manufactured. insider.com/fake-rural-chi…
Xiapu is still a largely agrarian town, but much of its picturesque landscape — and the people within it — is created by teams of photo crews masquerading as fake farmers and fishermen. insider.com/fake-rural-chi…
For the right price, Chinese and foreign visitors alike can get the perfect shot for their social media profile, complete with "special effects" courtesy of local businessmen angling to facilitate photoshoots. insider.com/fake-rural-chi…
Read 9 tweets

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