It’s the Economy – Over 1 in 4 Young Americans 18-29 Say They Will Delay Repaying Student Loans and Other Debt Due to Poor Economy
WASHINGTON, Oct. 27, 2011 /PRNewswire-USNewswire/ — With student loan repayment receiving much attention, the crux of the issue is joblessness. The long duration of a poor U.S. economy with near zero job growth is continuing to take a deepening toll on young adults. Faced with the highest joblessness since the end of World War II, young Americans are forced to deal with an increasingly limited number of opportunities for jobs and are delaying major financial and life decisions based on the economy – 27% say they will delay paying off student loans or other debt due to economic factors.
“The heart of the matter here is that young Americans need jobs in order to repay any debts, including student loans, and to plan for the future,” said Paul T. Conway, President of Generation Opportunity and a former Chief of Staff at the US Department of Labor. “The poor economy and a lack of jobs are the central reasons why millions of young Americans have delayed their dreams of buying a home, getting more education, saving for retirement, getting married, or starting a family. Millennials know that more rhetoric from elected leaders and new federal programs are no substitute for employment opportunities and simply having a job. Elected officials in both parties should put as much energy into allowing the private sector to create jobs for the next generation as they do preparing for the next election.”
Generation Opportunity commissioned a poll with the polling company, inc./WomanTrend (April 16 – 22, 2011, +/- 4% margin of error) and a highlighted result for all young Americans ages 18-29 appears below:
- 77% of young people ages 18-29 either have or will delay a major life change or purchase due to economic factors:
44% delay buying a home;
28% delay saving for retirement;
27% delay paying off student loans or other debt;
27% delay going back to school/getting more education or training;
26% delay changing jobs/cities;
23% delay starting a family;
18% delay getting married.
ABOUT GENERATION OPPORTUNITY
Generation Opportunity is a non-profit, non-partisan 501 (c)(4) organization that seeks to engage everyone from young adults, to early career professionals, college students, young mothers and fathers, construction workers, current service men and women, veterans, entrepreneurs, and all Americans who find themselves dissatisfied with the status quo and willing to create a better tomorrow.
Generation Opportunity operates on a strategy that combines advanced social media tactics with proven field tactics to reach Americans 18-29. The organization’s social media platforms – “Being American” on Facebook and “The Constitution” on Facebook – have amassed a total fan base of more than 1.6 million. Both pages post links to relevant articles and reports from sources ranging from the federal General Accountability Office (GAO), to The New York Times, The Washington Post, The Brookings Institution, The Wall Street Journal, The Huffington Post, and The Heritage Foundation.
For our Spanish-language page – Generacion Oportunidad – click here.
SOURCE Generation Opportunity