M-generation's 'yeongkkeul' struggles amid special grant reduction talks

Younger generations in South Korea, particularly those belonging to the 'M-generation' (Millennials and Gen Z), are expressing frustration over discussions to reduce special grants for public housing. These individuals, often referred to as 'yeongkkeul족' (yeongkkeul-jok), have aggressively saved or borrowed money to secure assets, primarily homes, and feel blindsided by potential policy changes.

The term 'yeongkkeul' signifies a generation that has gone to extreme lengths, often involving significant debt, to participate in the housing market. This strategy was fueled by rising property prices and the expectation of continued government support through various grant programs.

The debate surrounding the reduction of these special grants has created anxiety among young 'yeongkkeul' individuals. They perceive the potential cutbacks as a betrayal of the support systems they relied upon to navigate the challenging housing market, raising concerns about their financial future and the fairness of housing policies.