Highlights: Young Adults and the Financial Crisis February 2010

About This Report

Challenge: How are young adults—an increasingly difficult group to reach—reacting to the worst financial crisis since the Great Depression?

Financial Focus: Young adults are taking action by making a concerted effort to cut back on spending and live within their means.

Going Forward: Young adults remain optimistic about their financial future and are interested in some financial matters.

The ongoing financial and economic crisis has left few households unscathed. Whether they lost money in their savings, investments, or retirement accounts; are feeling the pinch of sinking home values; have lost their job; or have been unable to acquire credit, the effects of this downturn on adults across the country are widespread. The data from our SBI online convenience sample of adults ages 18 to 34 indicate that young adults have suffered effects: 78% of respondents report they have been personally affected by the recession (16% have been very affected; 62% somewhat affected), and 63% have a close family member or friend who has been affected.

Table of Contents

Methodology 1
Executive Summary 2
About the Sample 3
Effects of the Crisis 5
Financial 5
Emotional 6
Debt and Credit 7
Investments and Retirement 9
Financial Interest and Knowledge 11