MZ generation’s debt surges: data

By Byun Hye-Jin

The bank debt of millennials and Generation Z — together including those born from the 1980s forward — spiked as they increased investments in real estate, stocks and cryptocurrencies, data showed Thursday.

According to the Financial Supervisory Service data released by Rep. Kim Han-jeong of the Democratic Party of Korea, millennial and Gen Z household debt from local banks surged to 26 trillion won ($22.7 billion) in March, up 4.47 trillion won from a year ago. Home-backed lending increased 3.17 trillion won to 18.3 trillion won, while credit loans grew 1.29 trillion won to 7.67 trillion won on -year.

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