April 2, 2012
Young Adults Face Unique Money Issues
Many young adults right out of college are planning career moves or marriage – while grappling with complex financial issues.
Student loans weigh them down. And despite the improving job market, it’s still tough to find a job. Wages and salaries for those who are employed are stagnant in many industries. Thanks to the proliferating opportunities for e-shopping, young adults also face more temptations to buy than any previous generation.
“I feel like I’m definitely in the lion’s den,” said Eric Bell, who, at 28, is trying to get his financial education website for 20-somethings, YoBucko, off the ground. A former private banker, he is also looking for a job in his field, paying off student loans, and cheering on his girlfriend in her attempt to buy her first home.
Below are a few previous Squared Away posts written with young adults in mind. A link is provided at the end of each article’s title, or you can join the conversation on Facebook.
- Young Adults Adrift in E-Spending Ocean
PayPal, Groupon, smartphone apps that pay for store purchases, online retailers galore – technology has made shopping a breeze. Young adults unfamiliar with the old-fashioned cash economy may not realize how damaging electronic commerce can be to their budgets.
- Will Saying “I Do” Affect Your Savings?
Single people are now 43 percent of the U.S. adult population. Yet singles between the ages of 22 and 35 are far less likely to have a retirement savings account than are married people.
- Present and Future Selves Do Battle
Buying a new pair of shoes is more fun than saving money for retirement or a future utility bill. This humorous video explains that humans are locked in an “unequal battle” between our present self (the consumer) and our distant self (the saver).
- United States of Credit
Everyone must take responsibility for their use of credit cards. But we can also blame our culture of debt. A Princeton historian talks about his new book, “Beyond Our Means: Why America Spends While the World Saves.”
- Research illuminates Credit Card Habit
If reducing your credit card use is your goal, here’s a deep dive into research on credit card behavior and psychology. One of them might help a reader understand a bad habit many of us share.