BUSINESS + ECONOMY

Utah’s young adults being launched into the world of financial responsibility

Sep 21, 2022, 10:23 AM | Updated: Sep 23, 2022, 12:44 pm

BYU study COVID money...

FILE: 3 out of 5 money lenders face negative consequences. (Stock image, Canva)

(Stock image, Canva)

SALT LAKE CITY — On average, a survey shows Utahns carry at least $2,225 in credit card debt. How liable are high school students or young adults for this debt? 

According to a new poll, 60% who have credit card debt have owed their creditors for at least 12 months. Young adults having bank accounts and debit cards has become increasingly common, but what about credit cards?

Because young adults are rarely in personal high-income situations, they are categorized as low-income — or potentially no-income — making them at higher risk for credit card debt. 

The poll stated, the inability to meet day-to-day expenses is a major factor in acquiring credit card debt.

Are young adults ready for the burden of financial freedom, and are high schools preparing them with financial literacy?

 

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Utah’s young adults being launched into the world of financial responsibility