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KMID : 1001320220490040107
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Social Welfare Policy
2022 Volume.49 No. 4 p.107 ~ p.137
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The Effect of the Youth’s Past Debt Experience on Current Debt Holdings Mediated by First Job Wage Level
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Lee Yong-Ho
Shin Hye-Hyung
Lee Won-Ik
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Abstract
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The purpose of this study is to examine how the debt before the labor market entrants affects the debt holding mediated by the first job wage level. The number of youth with debt is increasing rapidly, but the number of people who are able to repay is decreasing. It is due to the increased instability in the labor market of youth. Such an increase in debt among the youth and the unstable labor market are likely to have a negative impact on each other. In other words, the debt has a negative effect on the labor market entrants, which causes them to hold the debt burden. Therefore, this study aims to examine the debt holding among the youth mediated by their first job wage level.
the first wave (1st to 12th) of the Korean Education and Employment Panel (KEEP) and the 2019 (13th) follow-up survey were used in this study. The sample was 659 young people who entered the labor market after graduation, and the causal mediation analysis was used to efficiently estimate the mediating effect while mitigating the pre-mixed effect.
As a result, holding debt and student loans lowered the first job wage level of the youth. Second, the youth with debt and student loans have a higher chance of having debt after the first labor market entry, mediated by the first job wage level. On the other hand, debt other than student loans directly increases the chance of holding the debt recently. Based on the above analysis results, policies to ease the debt burden on the youth were presented.
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KEYWORD
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Youth, Debt, labor market entrant, causal mediation analysis
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