Life in the slow lane: Young Koreans hit milestones later

Economy

Published: 16 Jul. 2024, 18:00

Life in the slow lane: Young Koreans hit milestones later

A job seeker waits for a consultation session in front of a board displaying notices at an employment center in Mapo District, western Seoul. [YONHAP]

A growing number of young Koreans are experiencing delays in major life events compared to previous generations, such as graduation, employment, marriage and having children.

The average time to secure a job after graduation in the country is now longer than ever, according to data published by Statistics Korea on Tuesday, while the time required to graduate from university also reached a new record this year.

The latest report on labor force participation among the younger generation showed that, as of May, it took an average of 11.5 months for those aged between 15 and 29 to get their first paid job after the end of their education across all levels for a 1.1-month increase from a year earlier.

It marked the longest-ever duration recorded since the statistics agency began to compile relevant data in 2006.

Individuals who secured their first job within three months of graduation accounted for 47.7 percent of the total, down 1.2 percentage points from the previous year. Those who took three years or longer to find employment took up 9.7 percent, a 1.3 percentage point increase.

Notably, the duration between graduation and employment was longer for those with a high school diploma or lower, averaging 17.6 months, compared to 8.3 months for those with a college-level education or more.

"The data suggests that individuals who graduated high school were not seeking employment immediately; instead, they chose to prepare for higher education before deciding to secure a job,” explained Lim Gyeong-eun, head of the employment statistics division at Statistics Korea, during a press briefing held at the government complex in Sejong on Tuesday.

The Ministry of Economy and Finance attributed the lengthened job-seeking duration partly to “a change in the corporate hiring process, with a stronger preference for experienced employees” over those fresh out of university, in a release Tuesday.

The employment rate of the age group stood at 17.9 percent, representing 8.17 million people, down 0.7 percentage points from a year earlier.

Moreover, it took four years and 3.8 months on average for university students — including those enrolled in programs of three years or less — to graduate, up by half a month from a year earlier to hit the longest duration ever recorded.

Another noteworthy shift was among those studying for a job-related test, of which the proportion hoping to work in the private sector rose 2.3 percentage points to 29.7 percent, surpassing the 23.2 percent preparing for the public sector, a decline of 6.1 percent on year. It is the first time that jobseekers preparing for a test have preferred the private sector over government jobs.

The trend is one indication that young Koreans are seeing delays in life milestones compared to their parents, along with major events in personal lives.

Last year, the average age of men marrying for the first time was 34 years, an increase of 0.3 years from a year earlier and 1.8 years compared to 2013, according to a Statistics Korea report published in March. For women, the average was 31.5 years, up by 0.2 years from the previous year and 1.9 years from 10 years ago.

The average age for women in Korea to have their first child also saw a large increase, from 29 years in 2000 to 33.5 years in 2022, a recent report by the OECD showed — the highest among the organization's member nations.

A lack of financial stability is often cited as the most crucial reason behind the delay in marriage, and in consequence, childbirth.

According to data released by the Presidential Committee on Aging Society and Population Policy in June, 75.5 percent of respondents aged between 25 and 49 who wish to get married said that they would do so after securing the funds needed for marriage.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]