Youth Employment Rate Hits 5-Year Low… Spending on Private Education for 'Job Specs' Soars

Last month, the youth employment rate hit 43.9%, the lowest in five years, and a survey reveals that more than 9 out of 10 job seekers rely on private education to build so-called 'specs.' According to a survey of approximately 560 youths aged 19 to 39 by the Korea Foundation for Youth and the civic group 'Edu-bom,' 93.7% of respondents had experience with private job-preparation education. By category, private tutoring for major-related qualifications was the most common at 52.1%, followed by foreign language education and employment consulting.

Youths spend an annual average of 3.6 million won on private job education, amounting to about 300,000 won per month. Most cover these costs through part-time jobs or family support, with 63.6% reporting financial difficulties due to spending on private education.

Respondents indicated that spending on private education has limitations in cultivating practical job skills. In the Edu-bom survey, 74.2% of respondents stated they face difficulties in building actual job competencies. According to the average resumes of successful large corporation applicants shared on employment information sites last year, those hired by major companies like Samsung Electronics and SK Hynix held an average of about two job-related certifications in addition to foreign language test scores.