Young adults hardest hit by recession

According to Philanthropy News Digest, young adults (ages 18 to 29) are feeling the effects of the economic downturn more acutely than other age groups, and many are making decisions that could diminish their economic prospects for the rest of their lives, a new survey conducted with support from the  Rockefeller Foundation finds.

Sixty-two percent of young adults say their personal economic condition is fair or poor, and most have at least as much debt as they had a year ago. Of the respondents pursuing higher education, 18 percent have fallen behind on student loans, while 20 percent say they or a family member has decided to delay or leave college or has transferred to a less expensive school.

Forty-one percent of young adults already in the workforce say they have been affected by cuts in wages or hours, while 19 percent are unemployed or looking for work. In addition, 22 percent are delaying marriage or waiting to start a family and 17 percent have fallen behind on mortgage payments. Nearly a third of respondents have paid a late fee on a credit card in the past year and two in five have skipped a meal to save money.

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