WILMINGTON, Del., Dec. 09, 2015 (GLOBE NEWSWIRE) -- A new study on the financial health of young Americans — Money Under 35 — found that most young adults are rated in "good" financial health, saving money, managing their credit, and looking to buy homes and start families. The study, conducted by Navient and the global market research company Ipsos, is based on a survey of more than 3,000 adults aged 22 to 35.
The study collected employment information, income data, amount and types of debt, and amount of savings, as well as attitudinal and behavioral predispositions, to determine how young adults are faring financially in the years following the Great Recession. This data was included in a financial health index to benchmark changes in financial health over time.
"Understanding the financial health of young Americans is critical to ensuring our public policies meet the needs of the next generation," said Jack Remondi, president and CEO, Navient. "Money Under 35 provides valuable insights that show that despite economic challenges, young adults are exhibiting considerable resilience. A key takeaway is that completing a degree is a more important factor in financial health than whether an individual borrowed for a degree, underscoring the value of educational attainment. As a servicer, we agree, and have recommended that policies do more to ensure students graduate."
"Money Under 35 examines multiple facets of financial health among young Americans, so creating an index facilitates understanding the aggregate data in one simple measure," said Michael Gross, vice president, Ipsos. "Not only does the index provide a good summary, but the index can be tracked over time, providing additional context on how well young adults are managing their individual economic issues. It is encouraging to see that overall, young adults are generally in good financial health and are implementing strategies to create a solid financial future."
Key findings from Money Under 35 include:
Navient's Money Under 35 study is available at navient.com/moneyunder35.
As the nation's leading loan management, servicing and asset recovery company, Navient (Nasdaq:NAVI) helps customers navigate the path to financial success. Servicing more than $300 billion in student loans, the company supports the educational and economic achievements of more than 12 million Americans. A growing number of public and private sector clients rely on Navient for proven solutions to meet their financial goals. Learn more at navient.com.
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