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IPFS News Link • Economy - Economics USA

Millennials Are The Brokest Generation Ever

Things are even worse for those under the age of 20. According to a new report based on U.S. Census Bureau data, only 26 percent of American teens between the ages of 16 and 19 had jobs in late 2009 which represents a record low since statistics began to be kept back in 1948. But the inability to get good jobs is only part of the story.... *The Pew Research Center study also found that only 61% of Americans between the ages of 18 and 29 are covered by some form of a health plan. *According to a National Foundation for Credit Counseling survey, only 58% of those in "Generation Y" pay their monthly bills on time. *Not only that, but according to a November MetLife poll, nearly 70% of those in "Generation Y" are not building up a cash cushion, and 43% are accumulating too much credit card debt. *According to Fidelity Investments, those in Generation Y have more than three credit cards on average, and 20 percent of them carry a balance of at least $10,000. So what does all this mean? It means we are raising a generation of young Americans that are a financial mess.