Young adults, in debt, are now facing an economic crisis

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“Today, I could get a $ 5 order from McDonald’s after three hours of waiting,” he said.

Mr. Lawson has a 2 year old child and a pregnant woman who is not working. They were ready to eat simple noodles until he visited a food bank and received a bag of potatoes and carrots. He created accounts on all social networks to spread his need for work – any job.

“Give me something to feed my family on,” he said. “I don’t care what it is. “

While the minority of young adults who have a university degree do as well or better than previous generations when they were in their twenties and early thirties, those who did not attend college – like M. Lawson – doing much worse, according to an Analysis from the Pew Research Center last year.

The inequality between millennials is even more evident when one takes race into account. Young New Brunswick families at all levels of education have lagged behind their white counterparts in the past two decades, according to New America study, in measures such as household wealth and home ownership. property.

“Over time, it becomes more difficult for young families to accumulate wealth,” said William R. Emmons, chief economist at the Federal Reserve Household Financial Stability Center in St. Louis. “We thought they might catch up later, but the current situation doesn’t give me much reason to believe it will happen. “

These drawbacks are already shaping the long-term prospects of young Americans. They are much less likely to be married, have children, or own a home than Americans of the same age in recent decades.

Ms. Gardner said that she and Mr. Schade ultimately wanted to have a family and a home. But she said, “We are both going to be in debt for a while, and having children is just not possible. “

While there is a chance that the recession will be short, economists assume that the turmoil that has already occurred will have long-term consequences for young households.

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