Students' Financial Ignorance a Major Parental Concern

"This is an age when you set credit and finance benchmarks for the rest of your life," said Tamara Draut, lead author of the Demos report. "Young adults starting off in the red will find that it impacts their financial security for years to come."
 
Already young adults 25 to 34 have the second-highest rate of bankruptcy, just after those 35 to 44, according to a Federal Reserve survey of consumer finance data analyzed by Demos, a nonprofit public-policy group. Demos also reports that credit-card debt held by consumers 18 to 34 soared 55 percent since 1992, to $4,088 on average.