Ladies and gentleman, if anyone was unaware or under a rock, it must be stated to the people of America that the country is in a recession. For those seniors turning their tassels and celebrating the fact that they have finally graduated college, it might have been the wrong time to enter the real world folks.
A little piece of knowledge to keep embedded in the young minds that recently graduated is the fact that they are about to face the highest unemployment rate in 25 years. This transition in the country heavily impacts the generation of tomorrow as they will be challenged by record student loan debt, expensive health insurance costs and an average of $4,100 in credit card debt.
Trust and believe that mommy and daddy will definitely be taking the pacifier away and cutting that umbilical cord for good once those bills start to hit in. All those times of saying “I can’t wait till I’m grown,” well…have fun with it now.
The financial crisis has sent waves of disparity and no one has been left untouched aside from if a person was already without employment then it wouldn’t make much difference then. A solution, or more-so a temporary relief has been introduced for the new generation of America as a new program titled Your Life, Your Money is set to premier in September.
Hosted by Donald Faison, who is mostly known from his roles in the series Scrubs and the film Clueless, this new program on PBS is geared towards enlightening young adults on budgeting their money. From banking and credit to investments, insurance and self-employment and more. The show will feature guest appearances by the likes of Hip-Hop mogul Russell Simmons who will be able to provide his own incite on surviving and staying afloat in troubling financial times.
“I think it is important for all young adults to educate themselves on their finances,” host Donald Faison says. “I am happy to be a part of something that brings attention to this subject for those just starting out.”
This program also gives personal accounts as young people share their stories of the challenges that they have come to face and trials that are awaiting them as they manage and try to make the best decisions with their money.
So for those that are biting their nails and slowly watching six months slip away and are barely in store for what Sallie Mae has to say, there may be hope after all. There might not be much, depending on the amount of loans taken out but hey something is always better than nothing.