One in four Americans between the ages of 18 and 29 will postpone paying debt due to current economic conditions, according to a recent study performed by nonprofit organization Generation Opportunity.
A statement released by the organization indicates that the cause of this mindset among the youth is a lack of jobs. Since Americans have fewer employment opportunities, they are delaying making major financial decisions. More than three-quarters of respondents indicated that they will need to postpone financial moves due to the weakness in the economy.
Paul T. Conway, president of Generation Opportunity and a former chief of staff at the US Department of Labor, said in the statement that “the heart of the matter here is that young Americans need jobs in order to repay any debts, including student loans, and to plan for the future.”
He added that economic weakness and joblessness are the main reasons why millions of young Americans are putting off major financial plans like getting married and purchasing homes.
Generation Opportunity was founded with the objective of spreading awareness related to the challenges facing America and galvanizing its young citizens.