Home > 2011 > Managing Debt > Young Adults Increasingly Concerned Over Finances

Young Adults Increasingly Concerned Over Finances

Advertiser Disclosure Comments 0 Comments

Young Adults Increasingly Concerned Over FinancesConsumers in their 20s and early 30s are now deeply in debt as a result of mismanagement of their credit card accounts, sky-high student loans and other financial hardships, according to a report from the Arizona Republic. The tough job market, which has made it difficult for many recent college graduates to find a job that pays well, has also contributed significantly to young people’s financial problems.

Another possible reason for the credit crunch many young Americans are feeling is that they have not learned reasonable repayment practices from their parents, the report said.

[Resource: Want a Student Loan? Take the Test First.]

“Most young adults see a credit card being used every day by their parents, yet rarely do those same teenagers see the credit being paid off,” Sharon Lechter, a financial author and certified public accountant based in the Phoenix area, told the newspaper. “This builds in the expectation of instant gratification.”

[Related: Boost College Retention With Financial Literacy]

Many consumers, particularly those in Generation Y, don’t learn about proper financial practices until their debts have mounted to uncommonly high levels. Often, it will take them years to repair the damage they have done to their finances in a relatively short period of time.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.