The balance sheets of young adults in America today look different than they have in generations past. In particular, their overall net worth—defined most basically as assets minus liabilities—is generally lower, due to having accumulated both fewer assets and more debt. These overarching trends reflect the broader economic conditions that are impacting the financial lives of families across the country. The prevailing reality is that a growing share of the population lacks a level of income necessary to cover cost of living expenses, which in turn is keeping families from saving, investing, and building wealth for the future…
Read the full article at New America.
