Young Americans Face Early Challenges to Financial Security
More than half of Americans under the age of 30 have already hit financial rock bottom spurred by mental health challenges, job loss and debt, according to new research by the Principal® Foundation into the financial barriers, attitudes and behaviors of today’s young adults.
The research report, “Youth Finances in the U.S.: Stories of Adversity and Hope,” presents a nuanced picture of young people and their relationship to money. Drawing on 30 interviews and a survey of 2,400 Americans, the findings reflect the economic reality for much of the U.S. Half of the respondents live in low- to moderate-income households, defined as 40% or lower than the median income for their household size in their zip code.
The research from the Principal Foundation–an independent not for profit organization that receives funding from Principal Financial Group®–also points to practical ways for individuals, organizations, parents and policymakers to help the next generation meet their financial goals.
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