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Our Young Adults: Future Debt and Retirement Concerns

by Rik Charbonneaux  
3/14/2024 / Stewardship

"The rich rules over the poor, and the borrower is the slave of the lender." Proverbs 22:7 ESV

Twenty-five percent of our young adults under 30 years old, either live at home or receive money each month from their parents to be able to meet their debt, most of which is caused by excessive and sometimes extravagant spending.

In the last two years, this manner of spending has expanded to Air travel and entertainment and other non-essential lifestyle expense through a purchasing system know as BNPL (Buy Now, Pay Later) similar to credit cards, but only having a small to no interest rate over four monthly payments. The 23% of young adults who have credit cards are now switching to BNPL apps like Klarna which are now beig used by 53% of young adults, leading to even more non-essential debt.

With concern that our young adults not setting aside money for their retirement, if you know someone in this age group that you connect with, you would be doing them a real favor by consoling them to steward their financial resources far better than they presently are doing and to resist any more non-essential indebtedness.

Rik Charbonneaux is a retired NE Iowan who loves all of God's Word and all of His creatures.

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