Society Lower adult age in Japan leads to increased debt among young people

When a 20-year-old man living in a support facility in the Chugoku-Shikoku region for youth unable to live at home was asked why he had obtained a credit card, he told a facility staff member that he had simply wondered whether he could do so and was issued one over the internet. He got the card in the spring of 2022, right after turning 18. Despite not holding down a steady job, he went out socializing more often and also signed up for seven new smartphones that he intended to resell. After racking up debts of about 1.5 million yen, he sought help from the Tokyo-based Japan Legal Support Center and completed bankruptcy proceedings at the age of 19. "We will no doubt witness more instances of the personal bankruptcies of our residents," an official of the housing facility said. The official said the majority of residents at the facility have not developed good spending habits or attitudes to financial planning due to troubled family circumstances such as abuse and poverty as well as developmental issues. The man who filed for bankruptcy was diagnosed with attention deficit hyperactivity disorder as a child and abused by his mother, the official said.

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