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KMID : 1001320200470030227
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Social Welfare Policy
2020 Volume.47 No. 3 p.227 ~ p.253
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The Effects of Youth Debt on Labor Market Outcomes
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Lee Yong-Ho
Lee Won-Ik
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Abstract
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The purpose of this study is to examine the effects of the debt held by youth on their labor market outcomes. This research was designed to identify the relationship between youth debt and labor market outcomes composed of wages, employment status and job search periods. The “Korea Education Employment Panel Survey (KEEP)” data collected by the Korea Research Institute for Vocational Education and Training was used for this study. First 3,043 sample aged between 19~29 years old were selected and to control selection bias a propensity score matching method was used, and 1,807 sample were finally selected for the analysis of this study. This research found that the more debt was related to the lower wage level and shorter job search period. However youth debt has no significant effect on employment status. In conclusion, youth who had debts were under pressure to accept a low wage job without having enough job search period. This suggests a universal youth debt relief policy is needed.
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KEYWORD
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Youth, Debt, Labor market outcomes, Propensity score matching
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