Sometimes back young people across the globe took issue with an Australian millionaire who, scolded their spending indicating that they were spending much on things like coffees and smashed avocado and still expected to own a home. In the wake of this a generation of young frustrated South Koreans have labelled the idea of frivolous expenditure as Shibal biyong which is a psychological survival tool.
The Shibal biyong phenomenon
Shibal biyong loosely translates to “fuck-it expense” and it was first used to refer to an expense that one could have done without but still spent because of stress and it include cab rides and impulse food delivery. It is an unnecessary expense that could help you see through a bad day. In reference it is the amount you splurge to take a cab ride instead of using a subway after having a terrible day in office or the comforting dinner you go to ease your frustrations.
What it implies is that you can create your happiness at the moment because your future [prospects do not appear promising. Purchase that nice suit since it is likely that you will ever get on the rank. Go to that dinner and eat well because it is unlikely that you will save sufficiently for you to retire.
The origin of Shibal biyong is associated with other phrases such as hell joseon (hellish Korea) and Geumsujeo (gold spoon). They were coined several years back to express the general despair of south Koreans who had been frustrated with the intolerable life in the country that is rigged to favour specific cohorts of people that are born in privileged families or those fortunate enough to migrate.
Levels of inequality high in South Korea
Statistics Korea indicates that a few years ago seven in ten young people held the notion that inequality was the main challenge that they were facing. South Korea is ranked 31 among OECD countries in terms on income inequality. Last year unemployment reached unprecedented levels in South Korea since the turn of the millennium following the Asian financial crisis. The problem is aggravated by the wealthy individuals who have monopolized the economy of the country as well as stifled entrepreneurship.
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