Six out of ten young South Koreans believe that the country's economic and social conditions will worsen in the next 20 years. Both the general public and the youth identified real estate and housing instability as the most pressing issues currently facing the nation.
The Ministry of Economy and Finance held a Future Strategy Advisory Meeting on July 29 at the Conference House Dalgaebi in Jung-gu, Seoul, where Minister Park Hong-keun revealed the results of a survey conducted among the general public and young people.
The survey, conducted from June 23 to 29, involved 1,000 adults aged 19 and older and 500 young people aged 19 to 34, using an online questionnaire. The ministry plans to use the findings to inform a long-term national development strategy and key initiatives for the 'Great Transformation of Korea.'
When asked about the most serious issues facing the economy and society, 25.7% of the general public and 27.8% of young people cited real estate and housing instability. This indicates a widespread recognition across generations of the urgency of housing issues.
However, the specific factors contributing to this anxiety differed between the two groups. Among the general public, 24.0% identified housing costs and living expenses as the primary source of concern. In contrast, 36.4% of young people pointed to job and business instability, reflecting greater worries about employment and economic security.
Young people's outlook on the future was notably more pessimistic than that of the general public. While 43.6% of the general public believed that the overall economic and social situation would worsen in 20 years, this figure rose to 61.6% among young people.
Only 28.9% of the general public expected improvements, compared to just 12.6% of young people. The belief that conditions would remain the same was reported by 27.5% of the general public and 25.8% of young people.
When asked about the biggest uncertainties that will shape South Korea over the next 20 years, 47.8% of the general public and 43.8% of young people pointed to demographic changes. This reflects a shared understanding that low birth rates, aging, and population decline are critical factors affecting the nation's sustainability.
In terms of how to respond to demographic changes, a higher percentage of respondents favored practical adjustments to the economic and social systems in line with population decline, rather than actively promoting higher birth rates and workforce expansion. The preference for practical responses was 57.3% among the general public and 63.8% among young people. Both groups identified reforming welfare and financial systems as urgent priorities.
In terms of core values that should be included in the long-term national development strategy, the policy needs of different generations diverged. The general public prioritized enhancing stability and happiness in people's lives, with 27.2% selecting this option, while 31.6% of young people emphasized economic growth and strengthening industrial competitiveness.
In the labor market, 33.2% of the general public highlighted the need to strengthen the social safety net, while 31.4% of young people prioritized creating new jobs. In the technology and industry sector, the general public focused on reducing disparities between industries and fostering a cooperative growth environment (35.5%), while young people emphasized expanding support for research and development that tolerates failure (34.6%).
Both groups agreed that future financial investments should prioritize fostering growth engines, and they identified enhancing transparency in budget utilization and performance management as key financial innovation tasks. In the welfare sector, addressing social isolation issues, such as the plight of reclusive youth and middle-aged individuals facing loneliness, was highlighted as a major task.
Minister Park stated, “Future strategies must not be determined unilaterally by the government; they gain significance only when they incorporate diverse perspectives from the public and experts. We will carefully design the direction for South Korea in 20 years based on the expectations and concerns of the general public, especially the youth and the next generation.”
* This article has been translated by AI.
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