The Numbers Behind our Economic Health

 Unemployment

• Unemployment among people age 16-24 is nearly 9 points higher than the national average.
•  The 16-24 group represent 15% of the labor force and 1/3rd of the unemployed.
•  Young African-Americans suffer from even higher unemployment rates: 32.5% for 16-19 year olds;  23% for 20-24 year olds
• Young Hispanics are also more likely to be unemployed:  24.9% for 16-19 year olds;  16% for 20-24 year olds.

 Health Insurance

• According to the Kaiser Family Foundation, 30 percent of young people are uninsured, the highest of any age group. 
•  Despite common myths, the most commonly cited primary reason for a young person to not hold insurance is because s/he cannot afford it and/or does not have access via an employer-sponsored plan.  Very few young people fail to take insurance because of a “sense of invincibility.”

 Access to Education

•  Overall, approximately 23% of freshman student borrowers drop out of school because of debt.
• The average student graduates with twice as much debt as a decade ago, while entering a job market with fewer opportunities due to Baby Boomer delayed retirement.

Loans/Credit Cards

• We average $27,000 in undergraduate student loan debt.
•  We have been targeted for “easy credit” scams, and average over $2000 in credit card debt by the age of 24.  That debt more than doubles among young adults age 25-34.

For more background, read the Demos report: Economic State of Young America

Related News Items

http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2009/04/22/a_job_crisis_for_young_black_men/

http://www.rockfound.org/about_us/press_releases/2009/040809qvisory_survey_pr.shtml

http://www.ajc.com/services/content/printedition/2009/04/19/pffuture0419zj.html