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6 out of 10 new borrowers this year are 30 years old
Average debt in 30s: 43.55 million won … 20% ↑ from previous year
Along with the reduction of credit loans in the financial sector, the loan window of one of the banks in the market is showing a decline. Photo = Reporter Kim [email protected]
This year, the rising debt ratio among young people in their 20s and 30s is increasing rapidly. In particular, the average loan size of new borrowers (borrowers) in this age group increased by almost 20% this year, registering the highest rate of increase of all age groups.
It is interpreted because the craze for real estate and stock investments is blowing with a new infectious disease of the coronavirus (Corona 19) in addition to the livelihood loans caused by the impact.
According to the Bank of Korea’s Domestic Debt Database (DB) on the 26th, the number of new borrowers accounted for 6.7% of all borrowers through the third quarter of this year, up from 7.1% for the year past. However, the amount of debt of new borrowers was 3.7% of the total, an increase of 0.4 percentage points from last year (3.3%).
This is because the average loan amount of new borrowers increased by 17.3% from 39.91 million won in 2019 to 45.84 million won this year. Looking at new borrowers by age group, the proportion of all new borrowers age 30 and younger was 58.4% (based on number of borrowers) through the third quarter of this year. This share has increased each year from 49.5% in 2017.
On the other hand, the proportion of new borrowers aged 40 years decreased from 19.4% in 2017 to 14.9% this year, and also 50 years old (16.9% → 13.8%) and 60 years and over (14.2% → 12.9%).
Even when based on the amount of debt held, the pattern was similar.
The debt of new debtors aged 30 and under this year represented 55.3% of the total, higher than last year (52.4%), and the rest of the age groups decreased at the same time.
The debt growth rate of new borrowers age 30 and under outpaced all other age groups.
As of the third quarter of this year, their average debt holding amount was 43.55 million won, which was less than other age groups, but increased 19.9% from the average debt of new minor lenders. 30-year-old from last year (36.32 million won) at the end of last year. This rate of increase exceeds those who are 40 years old (53.93 million won, + 16.9%), 50 years old (46,770,000 won, + 14.4%) and those over 60 years old (4.61 million won , 12.9%).
Han Eun said, “Young people have a lot of loans for the first time in their lives due to employment, etc., but it seems that the scale of their loans has increased as their home purchases have increased recently.”
Journalist Jo Ara [email protected]
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