Recession hits young particularly hard
Published on -11/12/2013, 8:17 AM
LAWRENCE, Kan. (AP) -- Another study is finding that the financial crisis is having a lasting effect on young people.
The Lawrence Journal-World (http://bit.ly/HRIed3 ) reports that Terri Friedline of the University of Kansas co-authored a study mapping the patterns in household net worth from 1999 to 2009.
The study found that children in households where net worth declined grew up to have only about $300 in savings. That's 10 times less than the amount of children raised in fiscally stable households.
Friedline noted that $300 in savings isn't enough to rent a first apartment. He says the findings emphasize the importance of encouraging children, especially those in low-income families, to begin saving money at a young age.