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G2c Impact of Housing Status and Debt on Financial Satisfaction Among Young Adults
Short Description
The focus of this study was to explore debt and other characteristics associated with renting or owning a home among young adults and to examine how housing status and types of debt are associated with financial satisfaction among young adults. Specifically, this study includes three research questions: 1) How are various types of debt associated with housing status among young adults? 2) How do housing status and debt impact financial satisfaction of young adults? and 3) How do the young-young (age 18-29) differ from the young-old (age 30-37) in terms of financial satisfaction? Findings suggest that homeownership, in particular, owning a home (regardless of whether participants held housing-related debt) was a significant predictor of financial satisfaction among young-old adults (ages 30-37). The findings of this study also suggest that credit card debt significantly reduced financial satisfaction for both the young-young and young-old groups, but automobile and student loan debt decreased financial satisfaction only for the young-old (ages 30-37). Finding demonstrate that young adults are facing substantial barriers to homeownership which is influencing their financial satisfaction and overall life satisfaction.
Type of presentation
Accepted Oral Presentation