"Hope the Weekend Passes Quickly" Young Adults Complain of 'Stock Addiction' [Heo Midam's Youth Report]

Young Adults Dropping Stocks Face Side Effects... Increase in 'Stock Addiction' Counseling Cases
Experts "When the Future Is Uncertain, People May Fall into 'Get-Rich-Quick' Mentality"

The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

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[Asia Economy Reporter Heo Midam] # Office worker Kim (29) starts his day by checking major economic news on his commute and catching up on news related to cryptocurrency, stocks, and exchange rates. The main topic of conversation with his colleagues is also stocks. Kim said, "Even after work, I watch stock-related videos on YouTube at home. Time flies like that," adding, "Just saving my salary doesn't accumulate money. Investing in stocks is an unavoidable choice to save money."

Recently, more young people have shown interest in financial investments such as stocks. They feel anxious about the soaring housing prices and are entering the stock market. In particular, some of them report symptoms of so-called 'stock addiction,' continuing to invest in stocks despite losing large sums of money. Experts express concern that the more unstable society becomes, the higher the risk of falling into the temptation of 'get-rich-quick' schemes.

Lee (29), a third-year employee at a large corporation, said, "Stocks have become a necessity, not a choice, for the 2030 generation." He said, "I worked hard to get a good job, but I felt that I still couldn't afford to buy my own home. That made me question what I had been studying for and feel empty," adding, "After that, I started buying stocks little by little on the recommendation of acquaintances."

Like Kim, a considerable number of young people have recently started financial investments including stocks. According to a survey by the Korea Financial Investment Investor Protection Foundation of 2,000 adults, 19% of respondents said, "I started or resumed financial investments for the first time in my life due to economic changes during the COVID-19 era."

Especially, 29% of people in their 20s started or resumed financial investments after COVID-19, a higher rate than other age groups. They were followed by ▲30s (20.5%) ▲40s (20.2%) ▲50s (12.6%).

Netizens are continuously reporting symptoms of 'stock addiction.' Photo by Naver screen capture.

As a result, the number of 2030 generation investors complaining of 'stock addiction' is also increasing. They have given up leisure activities for stock trading and feel anxious during weekends or holidays when the stock market is closed.

Office worker Kim (29) said, "I have been investing in stocks for less than three months, but I feel anxious and restless if I don't check the stock market even for a day," adding, "Sometimes I even wish the weekend would pass quickly because of stocks. When I try to sleep, I keep thinking about stock prices and end up watching stock-related videos."

Concerns about 'stock addiction' are not hard to find in stock-related communities. One netizen said, "I can't put down my phone even during work. Whenever I have free time, I keep going in and out of stock apps and stock-related cafes," adding, "I have lost interest in conversations with acquaintances. Now weekends are boring."

Symptoms of 'stock addiction' among young people also appear in statistics. According to the Korea Center on Gambling Problems Management, 1,732 people visited the center last year for stock addiction symptoms, a significant increase compared to 875 in 2018 and 1,008 in 2019. The number of counseling cases also rose 64% from 3,540 the previous year to 5,523.

By age, the 2030 generation accounted for a high proportion. Last year, 236 people in their 20s and 579 in their 30s received counseling. There were even 25 teenagers who sought counseling, a group that did not exist in the past.

A loan counter inside a bank in downtown Seoul. The photo is unrelated to specific expressions in the article. [Image source=Yonhap News]

Among those complaining of 'stock addiction,' some even engage in so-called 'debt investing' by borrowing excessively to invest.

According to the Financial Stability Report released by the Bank of Korea in December last year, household loans among young people including those in their 20s and 30s increased by 8.5% year-on-year as of the end of the third quarter of 2020. This is a higher growth rate than the average of other age groups (6.5%).

Experts point out that as society becomes unstable and the future of young people becomes uncertain, it is easy to fall into the temptation of 'get-rich-quick' schemes.

Professor Kwak Geumju of the Department of Psychology at Seoul National University said, "People feel less anxious when the rewards for their efforts are certain. But when the results are uncertain despite hard work, get-rich-quick mentality becomes widespread," adding, "Now, earning a salary alone cannot reduce uncertainty about the future. Ultimately, in a society without hope, economic uncertainty has increased, leading to the spread of get-rich-quick mentality." she analyzed.

This content was produced with the assistance of AI translation services.