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Title: Unequally Indebted: Debt by Education, Race, and Ethnicity and the Accumulation of Inequality in Emerging Adulthood
Resulting in 1 citation.
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Dwyer, Rachel E. DeMarco, Laura |
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Unequally Indebted: Debt by Education, Race, and Ethnicity and the Accumulation of Inequality in Emerging Adulthood Emerging Adulthood published online (29 May 2024). Also: https://doi.org/10.1177/21676968241241560 Cohort(s): NLSY97 Publisher: Sage Publications Keyword(s): Credit/Credit Constraint; Debt Holdings, Inequality in; Debt/Borrowing; Economic Insecurity/Uncertainty; Education; Educational Status; Finances, Household; Financial Assistance; Financial Literacy; Financial Well-Being; Millennials; Race/Ethnicity; Racial Studies; Young Adults Permission to reprint the abstract has not been received from the publisher. Emerging adults in the U.S. face significant economic uncertainty during the early life course. Economic uncertainties grew in the 2000s, especially for the Millennial cohort. Access to credit can be a resource to manage the instability that characterizes emerging adulthood. However, debt can also become a burden, making credit like a “double-edged sword.” We study inequality in debt holding for five debt types that provide distinct resources and burdens, including mortgages, car loans, student loans, credit cards, and other debts to businesses. We analyze the extent to which the Millennial cohort accumulated unequal debts by the end of emerging adulthood using the National Longitudinal Survey of Youth, 1997 Cohort. We find strikingly unequal debt holding by education, race/ethnicity, and education-by-race/ethnicity for Millennial emerging adults. We conclude that policies and programs that support emerging adult financial wellbeing will be crucial for healthy development and reduced inequalities during this life course stage. |
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Bibliography Citation
Dwyer, Rachel E. and Laura DeMarco. "Unequally Indebted: Debt by Education, Race, and Ethnicity and the Accumulation of Inequality in Emerging Adulthood." Emerging Adulthood published online (29 May 2024).
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