Today’s Twenty-Somethings Are ‘Young & In Debt’
ENGLEWOOD, COLORADO—Young people often are described as being full of promise, entering the real world with enthusiasm and optimism. However, recent findings show a troubling reality: many young adults have excessive student loan and credit card debt, a lack of savings, no health insurance and financial pressures forcing them to move back in with mom and dad.
In an exclusive six-week series beginning November 20, the National Endowment for Financial Education® (NEFE®) and USA TODAY will launch a study of the twenty-something generation titled “Young & In Debt,” which finds that young adults face significant challenges in managing their money and their debt. The series will describe the financial issues that this age group is facing, while offering solutions for paying off debt, establishing a budget and saving for the future.
“This series shows that young people are at risk because many of them lack a good basic grasp of personal finance and money management skills,” said Ted Beck, president and CEO of the National Endowment for Financial Education. “However, the future doesn’t have to be bleak. Drawing attention to the financial pitfalls of young adults can encourage those in need to confront the problem, motivating them to seek a solution. It also underscores the importance of teaching money management in our nation’s schools.”
The series, which will run in USA TODAY every Monday and Friday from November 20 to December 29, will pair five different young people with financial planners to give them—and readers—advice on maintaining order in their financial lives. Each story also will appear on the Web site www.youngdebt.USATODAY.com, which will provide financial tips, interactive budgets, chats with experts and more, as well as direct readers to the useful resources found on the National Endowment for Financial Education’s consumer Web site, www.smartaboutmoney.org. USA TODAY’s partner, ABC Weekend News, also will air two segments on the issues facing twenty-somethings on November 19 and November 26.
A national survey conducted by The Gallup Organization exploring the top concerns of young adults ages 22 to 29 will be released in conjunction with the series. The full results of the poll will be available the week of November 20, on the National Endowment for Financial Education Web site at www.nefe.org, under the “Innovative Thinking” heading within the “Research and Strategy” section.