Creditnet News Story
Young Americans upbeat about achieving American Dream
Monday, August 30, 2010
By Sam Lee
While many young Americans are leaving college with credit card debt and large student loans, a new study has found that they aren't necessarily downcast about their financial situation.
According to MetLife's new "Study of the American Dream," 38 percent of consumers between the ages of 18 and 34 say they have some amount of credit card debt, and 34 percent feel they have an "adequate safety net" in the event of financial disaster. However, almost all of them - a full 95 percent - also believe it's possible to achieve the American dream in their lifetime.
Even those without jobs share this optimism, the study found. Among the unemployed, 73 percent are very or somewhat optimistic about their job prospects.
A similar study of baby boomers found considerably dimmer visions of the future. Over half of those who have gotten financial help from their families also have credit card debt, and 47 percent have revolving debt (that is, debt they don't pay off in full each month). And of the 59 percent who say they're living paycheck-to-paycheck, 19 percent say they will likely always have some credit card debt.
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