Minority Youth More Financially Vulnerable Than Whites, Survey Finds

Minority Youth More Financially Vulnerable Than Whites, Survey Finds

Young African American and Hispanic adults feel more vulnerable to unexpected financial challenges than do young white adults, a survey conducted by the (BYP) and at the University of Chicago finds.

Part of the survey series, a monthly, nationally representative study of 1,851 racially and ethnically diverse adults between the ages of 18 and 30, the September found that 77 percent of young African-American adults, 76 percent of young Asian-American adults, 70 percent of young Latino adults, and 58 percent of young white adults believe that white Americans have an advantage when it comes to getting ahead economically. And when asked whether they would have difficulty coming up with $1,000 to pay an unexpected bill, 50 percent of young whites said they would have a lot of difficulty, compared with 59 percent of African Americans and 64 percent of Latinos.

Funded in part by the and foundations, the survey also found that while most young people have a negative perception of the economy, many are optimistic about their economic future and identified three key economic issues for the next president to address: reducing student debt, boosting wages, and reducing income inequality. In addition, the survey found that Hillary Clinton continues to receive more support from young people of color than Donald Trump, while whites remain split between the candidates. Libertarian candidate Gary Johnson received support from 15 percent of whites, 8 percent of Latinos, 6 percent of Asian Americans, and 4 percent of African Americans, while Green Party candidate Jill Stein received support from less than 5 percent of the racial and ethnic groups surveyed.

"These data indicate that young adults face a number of unique economic challenges and that young adults of color often face what we call an economic opportunity gap," said Cathy Cohen, a political science professor and founder of BYP and the GenForward survey. "However, young people — particularly young adults of color — also exhibit a surprising amount of optimism about their economic future."

"." GenForward Press Release 10/03/2016.