How we young adults manage our money and credits.
2006-10-17 02:17:47 · 6 answers · asked by diioxyde 1 in Social Science ➔ Economics
I see major classes in this age group.
There are those who are in trouble. Debt major. Charge it ... pay for it ... nah, bankruptcy. Some of these are just the poor continuing the cycle ... others are from middle class who just can't pay for inflation adjustments, and they parents themselves treat $ this way. Estimated 55% of pop. in this range.
There are the group who have smart debt (college debt) and are reasonable with credit cards. Many of the ppl in this group are regretting their education. They got out during the recession, and can barely find the jobs that they hoped for when they were going to college. So, they have a less than ideal job that barley pays the bills. Estimated 20%
There's the "Trust Fund Babies" who're coming into major money from the Baby-Boomers who've saved tons of money and died. Usually the "Trust" gives safe "Allowances" that allow the recipient to live without working. They still can get into trouble if they are "Charge It Happy". Estimated 25%
For all the groups, the higher paying jobs are few and far between. Nursing and medical jobs are the hottest (too many Baby-Boomers & Hippies in the hospital). Most social jobs like "Nursing" wear ppl down, and they switch careers before they pay back the cost for getting into the career.
2006-10-17 04:26:08 · answer #1 · answered by Giggly Giraffe 7 · 0⤊ 0⤋
The question is much broader than just credit management... Today's young adults may be the first generation in the American history since the Great Depression to consistently experience a standard of living worse than that of their parents. The cost of both education and health care is increasing much more rapidly than inflation, which means that young adults as a group are in a double squeeze; on the one hand, they need to pay more for their education (which they must have in order to have half-decent jobs), on the other, they need to pay more in taxes for their parents' retirement benefits (Social Security, Medicare, etc.)
The government policies do not help, either. The federal government once again, just like in the 1980s, sinks enormous amounts of money into defense. The result, just like in the 1980s, will be a serious increase in national debt (translation: higher taxes down the road) and high inflation...
2006-10-17 12:19:29 · answer #2 · answered by NC 7 · 1⤊ 0⤋
For the most part I think younger people these days can overextend themselves, They may not research something as well as they should. Like this whole deal with the Adjustable rate Mortgages. After a year a couple cant afford the payment and end up losing their house, and destroying their credit. However I think alot of them today make alot more money than oldertimes. Some of them invest it well, others spend it fast. Hard to say I would say its about the same as previous years
2006-10-17 10:25:47 · answer #3 · answered by skip s 2 · 0⤊ 0⤋
This all depends on the individual. Some people are come from rich families that can give the child a good college education, a car, a house, etc... and the child is pretty much set for life. Some are less fortunate and have to pay for their college and car. Some get addicted to drugs and spend all their money on it. etc...
2006-10-17 17:17:44 · answer #4 · answered by Te 3 · 0⤊ 0⤋
Well , I'm 23 , an my Husband is 28. We live in Fairfax , VA .. an it's not easy at all. We both have good jobs , but the cost of living here is crazy. Overall we are very very careful with our money .. but living in todays world .. its hard to keep your head above water.
2006-10-17 09:28:27 · answer #5 · answered by lilredhead 6 · 0⤊ 0⤋
Not much! To many liabilities and not enough assets!!!!
2006-10-17 09:32:55 · answer #6 · answered by wheeliebin 6 · 0⤊ 0⤋