The IMF crisis refers to the severe financial upheaval that gripped South Korea from 1997 to 1998, a period when the nation faced an inability to repay its foreign currency debts and sought assistance from the International Monetary Fund (IMF). This challenging era has been vividly depicted in various K-dramas, illustrating the struggles of ordinary people, with notable examples including Twenty-Five, Twenty-One (2022) and the upcoming Typhoon Family (2025).
Beyond fictional portrayals, many prominent K-pop idols have openly shared how their families were profoundly affected by this economic crisis, leading them into poverty. This period was characterized by widespread mass layoffs, a dramatic decline in purchasing power, and significant social unrest. These individuals and their families fought relentlessly to overcome such dire circumstances. Here are some of their impactful stories:
1. San E 
On a 2014 episode of Radio Star, rapper San E recounted how his family was compelled to immigrate to the United States due to the IMF crisis, as life in Korea had become unbearably difficult for them. Upon relocating, his father found work cleaning schools, while his mother worked in a kitchen, with both parents toiling seven days a week to make ends meet.
During these arduous times, his parents often sought solace by watching Korean TV shows after their long workdays. Witnessing their challenging lives ignited San E’s desire to earn substantial money, primarily to buy his parents a new car, as they were driving a constantly malfunctioning used vehicle. However, when they first immigrated, San E was not fluent in English.
Consequently, when San E took the car for repairs, he couldn’t understand the mechanic and simply agreed to the suggestions, resulting in a repair bill exceeding 1 million won. He returned home in tears, overwhelmed with pity for his father, who had to work incredibly hard to earn such an amount. This experience solidified his resolve to succeed.
There were moments that truly broke San E’s heart. He once heard his father cooking ramen and turning on the television at a very low volume to avoid waking the family, despite returning home late from work. This particular moment deeply influenced him, cementing his determination to achieve success and honor his parents.
2. Minhyuk Monsta X 
During an appearance on the program Return of Superman in 2021, Monsta X’s Minhyuk shared that the IMF crisis, which affected Korea between 1996 and 1997, also severely impacted his family. Prior to the crisis, his family had enjoyed a comfortable life, even frequently traveling abroad.
His fellow group member, Kihyun, playfully remarked that Minhyuk appeared wealthy in his childhood photos. To this, Minhyuk revealed that none of the clothes he wore in those pictures were actually his own; his parents had rented them all. This anecdote starkly highlighted the financial strain the family endured, forcing them to make difficult adjustments.
3. Taeyang BIGBANG 
In a 2023 program, BIGBANG’s Taeyang disclosed that his father’s company went bankrupt due to the IMF crisis when he was still in elementary school. Both of his parents subsequently had to become primary breadwinners to meet the family’s needs, leading Taeyang to live with his aunt. Witnessing his family’s struggles under such economic pressure was incredibly difficult for him.
Taeyang came to believe that academic success alone wouldn’t be enough to lift his family out of hardship. He felt that if he dedicated himself to music, which he loved above all else, and worked diligently, he could achieve success and alleviate his family’s financial burdens. He vividly remembered hearing his parents argue about money in the bathroom during those difficult times, fueling his ambition.
While living with his aunt, Taeyang enrolled in an acting academy. By chance, he auditioned and was selected to star in Jinusean’s music video “A-YO.” Impressed by Jinusean’s music, he persistently requested the agency to accept him as a trainee, and after continuous effort, he was finally accepted. This pivotal moment marked the beginning of his journey towards a K-pop career.
Despite the uncertainty surrounding his debut, which often caused him anxiety, Taeyang possessed an unwavering self-confidence that allowed him to persevere. He credited G-Dragon as the sole person who truly helped him navigate these challenging times. They frequently trained together after school, and thus, many of his cherished youth memories are intertwined with his future leader.
4. Luna f(x) 
On the July 2025 episode of AM Plaza – Tuesday Guest, Luna of f(x) revealed that her mother had pursued classical singing in the past. However, during the IMF crisis, her mother sacrificed her dreams to help Luna’s grandmother manage a sundae soup restaurant. For years, her mother inhaled cooking gases, leading to chronic bronchitis, and handling sundae daily left her nails stained.
As a child, Luna would question why her mother’s nails weren’t as beautiful as others’, expressing her dislike. However, by the age of 14, this childish query transformed into deep empathy for her mother. She yearned for her mother to comfortably pursue her own dreams, free from such hardship. This profound desire became a powerful motivator for Luna.
Driven by this motivation, Luna began training tirelessly every day from the age of 14, a relentless effort that ultimately led to her successful debut with f(x). Regrettably, she experienced a period of personal and professional struggle between the ages of 25 and 35. When she was on the verge of giving up her singing career, it was her mother who once again provided the crucial support she needed to persevere through difficult circumstances.
These inspiring K-pop idols recognized the severe decline in their families’ financial situations due to the IMF crisis. Yet, instead of succumbing to despair or passively accepting their fate, they channeled their experiences into powerful motivation. They fought tenaciously, transforming their families’ impoverished circumstances and forging their own paths to success.
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Summary
This article explores the impact of the 1997-1998 IMF crisis in South Korea on the lives of several K-pop idols. The crisis led to severe economic hardship for many families, and some K-pop idols have openly shared their experiences navigating these challenges.
Idols such as San E, Minhyuk of Monsta X, Taeyang of BIGBANG, and Luna of f(x) have revealed how their families struggled during the crisis. They used these experiences as motivation to achieve success in their careers and worked to help their families overcome financial difficulties.
