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2019 Conference

del 21 al 23 de May del 2019

Westin Arlington Gateway, Arlington, VA, USA

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E1d Wealth Building among Young Adults with Student Load Debt: What Factors Make a Difference?

jueves, el 23 de mayo de 2019 a las 08:00–09:30 EDT
F. Scott Fitzgerald A
Key Words

Student loan debt,wealth building,young adults,National Financial Capacity Study,Financial Education

Short Description

With the rapid growth of young adults who owe student loan debt, it is important to investigate policy and socioeconomic factors that are related to wealth building among this group. Given the economic fragility among young adults with student loans, investigating these factors helps identify useful interventions to improve their financial well-being, especially those who are most vulnerable. Analyzing data from the 2015 National Financial Capacity Study, the results show that participation in financial education programs and income-based payment plan enhance wealth building among young adults with student loan debt. Furthermore, those with lower financial literacy, lower household income, without a bank account, and being unemployed are less likely to save for retirement, to invest, and to have homeownership. Policy implications are discussed.

First & Corresponding Author

Min Zhan, University of Illinois at Urbana-Champaign
Authors in the order to be printed

Min Zhan, Gaurav Sinha

Additional Authors

Gaurav Sinha, University of Illinois
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