Report Suggests Younger Generation Financially Illiterate

A recent report by USA today indicated the “millennial” generation, those currently in their 20s, are financially illiterate and the trend is getting worse. Today’s generation of young college graduates are entering the workforce with more debt than any prior generation. According to this same report, the average person in their twenties is loaded with $45,000.00 in debt. Such debt includes mostly credit cards, student loans and mortgages. While prior generations struggled like those of today, never have a generation had average debts so high and at the same time seemed to have such little understanding of financial matters. It is not wonder why so many younger people are filing for bankruptcy so early into their adult lives. At Salcido Law Firm, we speak to many younger individuals each week who are bogged down in student loans, credit cards, and other types of obligations. If you find yourself in the same boat, call us today to talk about your options.

Is College Worth it?

Many people, including billionaire business man Peter Tiel, believe the college system is currently in a bubble much like the mortgage market was several years ago and it’s just a matter of time before the bubble bursts. A recent 60 Minutes segment explored this idea of whether or not college was overpriced and really worth the amount of debt students were taking on. What is also concerning is the fact that while more and more people are obtaining college degrees, fewer young individuals are being educated in common principles of money management and debt. Private colleges have sprung up all over the state of Utah and college debt nationally is in the trillions. The 60 Minutes episode, which just recently aired, argued that many college graduates are unemployed or working in jobs which require no secondary education. It seems those working in the college system, such as the professors, administrators, and staff are the ones really benefiting the most.

Utah Bankruptcy Lawyers

If you are a recent college graduate and now find yourself in a world of debt that seems insurmountable, we can help. Speak with one of our Utah bankruptcy lawyers today. We help individuals, families, young and old get the financial start they need to move forward with supporting themselves and their families. We offer free consultation and are available at any time of the day or night. Call now.

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