FOR IMMEDIATE RELEASE
September 22, 2022
Contact: Juan Ramiro Sarmiento
(785) 760-6567 | JuanRamiro.Sarmiento@younginvincibles.org
YI Releases Financial Health of Young America
Findings Show Racial Disparities Have Accelerated, Policy Intervention Critical to Financial Stability of Young America
(Washington, D.C.) – Today, Young Invincibles released their latest report on the Financial Health of Young America. We measured across critical areas to shed light on and contextualize the financial landscape young adults are currently confronting including income, retirement savings, home ownership, student debt, and net wealth.
It is no surprise the financial impact of the pandemic was detrimental to Americans. Still, the effects were not equally distributed, and the pre-pandemic conditions are central to understanding the current financial health of young adults. The picture is clear: racial gaps in income and wealth were not getting better in the years before the pandemic, and the disruptions of Covid-19 made things much worse for young adults of color.
These findings are especially concerning when considering the sizable share of young adults in the workforce and the overall population. There are over 67 million Americans between the ages of 18-34. The financial health of young Americans will determine the overall, long-term health of our economy in the 21st century.
Racial disparities will remain entrenched without significant policy action from lawmakers across the country. Our report includes concrete policy recommendations to improve the material circumstances for millions of young adults.
In response, Kristin McGuire, Executive Director for Young Invincibles released the following statement:
“This report is an indictment of the persistent racial inequities confronting young adults across the country. Our findings indicate young adults have had a grueling coming-of-age as they tried to find their financial footing in adulthood. Obtaining an education saddled many with tens of thousands in debt, only to face an unforgiving labor and housing market in the aftermath of the Great Recession, and now confront the disparate financial landscape in the wake of the Covid-19 pandemic.
Racial disparities among young adults before the pandemic were unacceptable, today they are intolerable. These inequities will not melt away on their own, they will require intentional policy action by lawmakers.
Young people represent the future of this country and the failure to address the persistent financial drag on the largest segment of the population will endanger the long-term financial stability of the nation.”
For more information on this report, you can join today’s briefing at 2 pm ET. Register here.
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Young Invincibles (YI) is a national advocacy and policy nonprofit organization focused on amplifying the voice of young people in the political process at the local, state, and federal levels. YI focuses on issues impacting young adults ages 18 to 34 in higher education, health care, economic security, and civic engagement. Our offices include Washington, D.C., California, Colorado, Illinois, New York, and Texas. For more information, please contact Juan Ramiro Sarmiento at (785) 760-6567 or juan.sarmiento@younginvincibles.org