Journals Proceedings

Abstract

The aim of this study was to investigate the state of economic independence of Korean adolescents and young adults, and to explore potential factors that affect their independence. We surveyed 221 high school students on their economic independence and potential influencing factors (e.g. demographics, family relationships, economic satisfaction, etc.). The states of economic independence were divided into four stages; Stage 1 (strong), Stage 2 (average), Stage 3 (weak), and Stage 4 (very weak). We also analyzed big data from 116,797 young adults on their economic activity, based on a population survey provided by the Korea National Statistical Office. Among 221 survey respondents, 33.0% were classified as Stage 1, 22.6% as Stage 2, 29.9% as Stage 3, and 14.5% as Stage 4 of economic independence. Gender and age were statistically significant characteristics that relate to economic independence (P<0.05). The most common reason that students wanted to become economically independent was that they did not want to burden their families (57%). The data on the economic activity of young adults showed that long-term unemployment rates were higher for females and for younger ages than for other groups. Gender and age were factors that influenced both the economic independence of high school students and economic activity of young adults. Having a stronger will to become independent from an earlier age may have a positive effect on the economic activity of young adults.