DoughMain Financial Literacy Foundation is worried that students will take on more loans, only to re-enter a compromised labor market as a result of the economic damage caused by COVID19 and emerging possibilities of higher taxes and less employment opportunities. Among our concerns is how the 2020 recession might exacerbate the wealth gap since 2008, which diminished homeownership rates for African Americans and led to significant income decline in low-income communities.
We are concerned that the next generation of young adults – especially those without family wealth – will struggle to reach financial independence and materialist milestones, compared to their parents and grandparents. But this delay in independent adulthood could motivate them to re-envision not just their careers, but social and personal priorities differently. The need for quality Personal Finance Education for every kid in every school across America is now more important the ever!
FitKit explores Income and Career goals important to young adults.