Young adults see debt as a positive
Debt may actually give some young adults a self-esteem boost.
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Debt may actually give some young adults a self-esteem boost.
Researchers studied 3,079 young American adults and found that, among those aged 18 to 27 years, having more credit cards and college loan debt were generally linked with higher levels of self-esteem and a greater feeling of being in control of their lives.
The researchers thought that educational debt might be seen as a positive because it is an investment in their future, while credit card debt could be viewed more negatively. Surprisingly, though, it was found that both kinds of debt had positive effects for young people. It didn't matter the type of debt, it increased their self-esteem and sense of mastery.
The link between debt and improved self-esteem was strongest among those from families with the lowest incomes, whereas those from the most affluent families gained no self-esteem boost from having debt.
The wealthiest young people have the most resources and options available to them, so debt is not an issue for them. The groups that most need the debt - the middle and lower classes - get the most benefits to their self-concept but may also face the greatest difficulties in paying off what they owe. The researchers also found that signs of stress about having debt started to become evident in the oldest participants, those 28 to 34 years old.
Researchers studied 3,079 young American adults and found that, among those aged 18 to 27 years, having more credit cards and college loan debt were generally linked with higher levels of self-esteem and a greater feeling of being in control of their lives.
The researchers thought that educational debt might be seen as a positive because it is an investment in their future, while credit card debt could be viewed more negatively. Surprisingly, though, it was found that both kinds of debt had positive effects for young people. It didn't matter the type of debt, it increased their self-esteem and sense of mastery.
The link between debt and improved self-esteem was strongest among those from families with the lowest incomes, whereas those from the most affluent families gained no self-esteem boost from having debt.
The wealthiest young people have the most resources and options available to them, so debt is not an issue for them. The groups that most need the debt - the middle and lower classes - get the most benefits to their self-concept but may also face the greatest difficulties in paying off what they owe. The researchers also found that signs of stress about having debt started to become evident in the oldest participants, those 28 to 34 years old.
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