Crypto is radically altering the South Korean job market, domestic media outlets have claimed, with younger people prioritizing Bitcoin trading over traditional ways of making money.
According to the Electronic Times, data from multiple recruitment sites shows a marked increase in job hunters aged 40-59. The same sites also show a fall in jobseekers aged 20-39.
South Korean Job Market: a Crypto Effect?
The media outlet said analysts blamed a “long-term recession” for the sudden rise in older jobseekers, writing:
“People in the age group 40-59 are generally looking for a second job to cover their living expenses and education fees. And people in the 20-39 age bracket are looking to make financial investments in assets like crypto.”
The analysts added that people “in their 50s and older” are also “looking for short-term work” as they approach retirement age.
They added that more “middle-aged and older people” would start looking for part-time jobs “in the future.” The outlet explained:
“This is due to changes in population structure and the increased digital literacy of people aged 40-59. Accordingly, the short-term part-time job market for older people is also expected to grow.”
On the Albamon platform, operated by Job Korea, the number of job seekers in their 40s and 50s has increased from 14% in 2021 to 30% this year.
By contrast, the number of job applications from those aged 20-39 has dropped by around 1% between 2021 and 2024.
’A Sad Situation’
Cho (surname withheld at interviewee’s request) is a 50-year-old Seoul native who told Cryptonews.com:
“It’s a very sad situation and it doesn’t bode well for the future of South Korea. So many young people are used to living in comfort and they hope to get rich quick with cryptocurrency and stock market investments. Meanwhile, the generations above them are working multiple jobs to pay for their children’s ever-increasing education fees.”
Similar trends were to be found on the Saramin job site, where the number of users in their 40s and 50s increased from 20.4% in 2021 to 21.7% this year.
The number of users in their 20s and 30s dropped by 1.4% in the same time period on the same platform.
On Alba Chunguk, the trend was even more pronounced. The proportion of job seekers aged in their 40s and 50s rose from 11.5% in 2021 to 17.6% this year.
However, the number of job seekers in their 20s and 30s using the site decreased from 66.7% to 53.2%.
And there was also corresponding data from the “short-term, part-time” job “matching platform” Gubgoo, which specializes in “one-day and same-day jobs.”
Here, the proportion of users in their 40s and 50s “increased rapidly” from 9.9% in 2021 to 20.5% this year.
In an opinion piece for FerroTimes last month, Kim Jin-hyeok, the President of the Korea Job Consultant Association, wrote:
“Millennials and Zoomers prefer to invest in stocks, cryptocurrencies, and [digital art].”
The Seoul Rehabilitation Court. (Source: Arirang News/YouTube/Screenshot)
“The problem is that this generation is predicted to become the first generation [in modern South Korea] that is poorer than their parents. While previous generations enjoyed high growth rates, good jobs, and easy access to housing, the current generation has entered a world where it is difficult to achieve anything through individual effort.”
Kim Jin-hyeok, President of the Korea Job Consultant Association
Meanwhile, Electronic Times quoted an unnamed HR industry professional as saying:
“The demand for part-time jobs is increasing, especially among housewives in their 40s and 50s. They often have difficulty making ends meet with just one source of income. And they also have difficulty finding professional or full-time jobs.”
Earlier this year, the Seoul Rehabilitation Court blamed crypto adoption for a rise in South Korean youth debt.
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