The economic security of younger Americans is eroding at an alarming pace as a result of slow wage growth, underemployment, rising costs and mounting student loan and credit card debt, according to a new report, "Generation Broke: The Growth of Debt Among Younger Americans," released today from Demos, a public policy group.
Don’t confuse this organisation with the UK Demos.
The Director of the research programme at Demos didn’t mince his words about what the future holds for the 18-34 years olds. "This is an age when you set credit and finance benchmarks for the rest of your life. Young adults starting off in the red will find that it impacts their financial security for years to come. This report should set off alarm bells for every American."
The report's data and findings, based on the most recent Federal Reserve's Survey of Consumer Finances, paints a troubling picture of the financial health of America's population of adults aged 18-34. Before any Europeans start to snigger and start to form the words “told you so” remember that this situation is equally applicable to the UK and most other European countries.
I touched on this subject in my article “be afraid, be very afraid”. It is always nice to see when somebody else agrees with your own views. Dick Stroud www.20plus30.com
No comments:
Post a Comment