Three out of ten South Koreans who borrowed money from more than three financial institutions were people aged under 40.

According to related data from the Bank of Korea on Sunday, the number of people who took out loans from more than three financial firms totaled four-point-47 million in the third quarter of last year.

Of the total, 13-point-nine million people were young people under 40, accounting for 31 percent.

Combined debt held by young people amounted to 155 trillion won, with the average per person reaching 111-point-58 million won.

Compared to the third quarter in 2018, the number of such young debtors increased by 63-thousand and their outstanding debt per person rose by more than 20 million won.