New Survey: Recession Hitting Young Adults Hardest; With Jobs Disappearing, Wages Shrinking and Benefits Vanishing, Many Are Using Credit Cards to Get By
Among the other findings from the new survey:
* Nearly one in five young adults (19 percent) are unemployed or looking for work. High debt and low savings puts them at particular risk when job losses occur.
* Two in five young adults (41 percent) have been affected by cuts in wages or hours. Half of those who work part-time have had their wages or hours cut.
* Nearly one-quarter of young adults say that they or a family member has recently lost health insurance (23 percent). More than half of those surveyed have lost their coverage at some point in the previous five years.
* Twenty percent of young adults say they or a family member are delaying or leaving college or have transferred to a less expensive school. Twenty-two percent are delaying marriage or waiting to start a family.
"These results underscore that young adults are facing enormous challenges in this recession," said Anna Greenberg, Senior Vice President, Greenberg Quinlan Rosner. "More than their parents or grandparents, they are starting out with high debt that continues to accumulate as they try to find their place in the workforce. The services Qvisory is providing can make a real difference, but it also is important that policy makers and business leaders pay attention to this data so they will understand the challenges this generation is facing."
The national survey of 606 young adults, ages 18 to 29, was conducted February 25 to March 11, 2009.
Qvisory was founded with support from the Rockefeller Foundation, the Service Employees International Union, and other donors. It provides services to and advocacy for young adults on its website, Qvisory.org. To view the poll, go to www.qvisory.org/events.