Neither a college education nor high-paying job is enough to protect consumers against filing for personal bankruptcy according to the 2010 Annual Consumer Bankruptcy Demographics Report by the Institute for Financial Literacy, a national nonprofit financial education and counseling organization based.
“The Great Recession has had a dramatic impact on the bankruptcy filings of American consumers across the economic spectrum, including college-educated, high-income earners,” said Leslie E. Linfield, executive director and founder of the Institute for Financial Literacy. “While less-educated, low-income individuals continue to represent the typical bankruptcy filer, this report underscores a sophisticated evolution of the profile of the American debtor that now extends to disparate age, income and ethnic groups.”
Key findings include:
Check out this week’s Research Roundup:
Check back for weekly Research Roundups.
As millennials emerge in the workplace, CU leaders modify their management approach and expectations.