Outstanding AFCPE® Conference Paper: Debt Burden of Young Adults in the United States

13 Pages Posted: 20 Feb 2013

See all articles by Jinhee Kim

Jinhee Kim

University of Maryland - Department of Family Science

Swarn Chatterjee

University of Georgia

Jung Kim

University of Maryland

Abstract

Factors associated with the borrowing behavior of young adults who are transitioning from financial dependence to financial independence were identified. Data used were from the 2009 Transition to Adulthood and its parental companion data set, Panel Studies of Income Dynamics. Results indicate that age, gender, race, and work status are associated with the debt burden of young adults. Conversely, closeness to mother and communication, parental resources, and human capital attainment are negatively associated with borrowing behavior. Financial independence was positively associated with both credit card borrowing and student loan debt of college students.

Keywords: college students, debt burden, financial independence, financial management, young adults

Suggested Citation

Kim, Jinhee and Chatterjee, Swarn and Kim, Jung, Outstanding AFCPE® Conference Paper: Debt Burden of Young Adults in the United States. Journal of Financial Counseling and Planning, Vol. 23, No. 2, 2012, Available at SSRN: https://ssrn.com/abstract=2220817

Jinhee Kim (Contact Author)

University of Maryland - Department of Family Science ( email )

College Park
College Park, MD 20742
United States

Swarn Chatterjee

University of Georgia ( email )

Athens, GA 30602-3622
United States

Jung Kim

University of Maryland ( email )

College Park
College Park, MD 20742
United States

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