KU Prof: Recession Hits Young Particularly Hard
Associated Press - November 12, 2013 8:12 am
Another study is finding that the financial crisis is having a lasting effect on young people.
Terri Friedline of the University of Kansas co-authored a study mapping the patterns in household net worth from 1999 to 2009.
The study found that children in households where net worth declined grew up to have only about $300 in savings. That’s 10 times less than the amount of children raised in fiscally stable households.
Friedline noted that $300 in savings isn’t enough to rent a first apartment. He says the findings emphasize the importance of encouraging children, especially those in low-income families, to begin saving money at a young age.
Associated Press information from: Lawrence Journal-World