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New Study Indicates Young Adults Are Accumulating Less Debt

Feb. 25, 2013 6:47pm Christopher Santarelli

Monday morning is as good a time as ever to be reminded that the economy is still very much in a rut. In a post on the Washington Examiner’s Washington Secrets blog Paul Bedard writes that the value of assets held by adult Americans has dropped by 22 percent sine 2007, according to Pew Research.

In a new analysis of American household fiscal healthiness, Pew also found that those 35 and older have a higher and out-of-whack debt-to-income ratio of 1.22, the highest in three decades.

The crash in household assets and rise in debt comes as Americans are paying more in payroll taxes and at the gas pump, an unhealthy concoction that is sapping support for Obama.

A new Economist/YouGov poll provided to Secrets found Americans split on Obama, with 47 percent approving of his job performance, 46 percent not.

The interesting discovery from the Pew Research report is that young adults are cutting debt much faster than their older counterparts, despite growing student loans. Between 2001 to 2010, 56 percent of young household saw either a decline or stabilization in their overall debt. Why are younger households accumulating less debt than previous generations? Not buying homes or cars, not getting married; in the eyes of many, delaying adulthood. On ‘Real News’ Monday the panel discussed what consequences this could have for the long-term economic health of the country

Watch a clip below with guest Daniel Mitchell of the Cato Institute:

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Comments (5)

lonwarner2
Posted on February 26, 2013 at 8:05am
Dave Ramsey’s Financial Peace University course could help ALL people stay out of debt or pay off the debt they already have. Don’t believe me? Check out his website: http://www.daveramsey.com/store/?link_id=10&s_kwcid=TC|6886|dave%20ramsey||S|e|17805701906&gclid=COf41-iE1LUCFQ6EnQod3SAA_g.

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LisaS
Posted on February 26, 2013 at 4:10am
As a parent, I am really trying my best to prepare for my kids’ studies. It is not easy supporting ones self while studying because I have experienced it myself. I had debts, but it didn’t stop me from fulfilling my dreams because there are still a lot of options other than relying on student loans.
Lisa from http://NorthenLoans.ca/ website

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RaydocX
Posted on February 25, 2013 at 11:33pm
Sadly, the policies of this Administration and Harry Reid and Nancy Pelosi are such that each young person owes something like $60,000 regardless of their personal debt.

Not that the RINO’s in Congress are much better, just selling us down the river more slowly.

All are happily kicking the can down the road, stealing money from our children and their children. pretending they do not know that their behavior is hurting this country, that pandering to the 47% plays at the ruin of this nation that our forefathers recognized and counseled against.

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media-bias-steals-elections
Posted on February 25, 2013 at 10:34pm
Obama Care makes sure they don’t pay student loans back, is that part of the equation? High unemployment rates are a problem because people don’t get promoted, and employers typically do not give raises? The only reason they pulled this number out of the hat is they are looking for more tax money, but can’t find it?

How many of these “young adults” admitted they were still living with their parents?

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TORCH9
Posted on February 25, 2013 at 10:28pm
Yes, but look at the amount of ‘young adults’ that are not acruing credit debt, but living off of their parents…and living at home still, or again.

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