A new study rom a Universi-ty proessor is proving that the afermath o the 2009 recession wasn’t limited to adults and the unemployed. erri Friedline, an assistant proessor o social welare at the University, ound that young people are reeling rom the Great Recession into young-adulthood as well. According to a study Friedline co-authored, young people who grew up in households that lost net worth during the recession only average $300 in savings. Children in households that didn’t suﬀer ﬁ-nancially have an average o $3,000 in savings.Friedline said even though a diﬀerence o $2,700 may not seem like a huge amount on its ace, the ramiﬁcations or the uture outweigh the numerical diﬀerence between the two groups.“Somebody with $3,000 in sav-ings or assets can invest in other types o assets, work toward a down payment on a house or car, so they can start to kind o build wealth that will sustain and beneﬁt them or the rest o their lives,” Friedline said. “Tree-hundred dollars is the minimum balance average at most banks across the U.S., so you can barely make it into a very initial asset and your money isn’t ree to go anywhere, so it’s not a great oundation.”Friedline’s study, which will be published in the Journal o Family and Economic Issues, used economic data rom 1999 to 2009 rom the Panel Study o Income Dynamics to see how American amilies’ wealth was aﬀected by the recession.Friedline expects there to be psy-chological eﬀects or young people as a result o the Great Recession, and while she’s unsure o what they will be, she said older generations suggest they will be signiﬁcant.“When this study came out, I received a number o people who had lived through the Great Depression and experienced their households losing a lot o wealth and ﬁnancial stability,” Friedline said. “Tose emails suggest to me that those individuals were impacted enough to recognize the research here and apply it to their own experiences a really long time ago, and that this was something that greatly impacted them.”Conner Coleman, a junior rom Kansas City, said watching the e-ects o the recession play out while he was in high school altered his perspective on economics, making him more aware o his impending ﬁnancial independence.“I have to take into consider-ation everything everyone’s gone through when I make my ﬁnancial decisions now,” Coleman said. “You hear about all the stories about people not being able to pay their bills and their houses are being oreclosed, so I’m deﬁnitely a lot more conscious with my deci-sions now than I would have been.”Other economic research has also suggested young adults have more to worry about than just savings. New data rom the 2013 census shows that young adults are putting oﬀ making big economic decisions like moving away rom home and starting a amily. Only about 23 percent o adults ages 25-29 moved in the past year, which economists think suggests that young adults are skeptical about moving to other cities to ﬁnd jobs. According to a Pew Research Study in 2012, 22 percent o young adults say they have postponed having a child because o economic condi-tions as well.Maria Berry, a senior rom Overland Park, says she doesn’t plan on moving back home afer graduation, but that doesn’t mean she won’t be putting parts o her adulthood on hold.“I’m a waitress or a corporate company, and I think I’m going to have to have them transer me to wherever I move afer college until I can get on my eet,” Berry said. “I don’t plan on buying a house anytime soon either, because I don’t think I would be able to aﬀord one. It’s a personal thing too, I don’t want to do all that until I’m married and in my thirties.”
—Edited by Casey Hutchins
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Blackboard: You Have Ques-tions, We Have Answers
10 a.m. to 2 p.m.W
Anschutz Library, Floor 3 Lobby
Assistance with Blackboard available from Information Technology
An Evening with Junot Díaz: Literature, Diaspora and Immigration
7:30 to 9 p.m.
Kansas Union, Woodruff Auditorium
Lecture session with Pulitzer Prize-winning author Junot Díaz
A Conversation with Junot DíazW
10 a.m. to 11:30 a.m.
Hall Center, Conference Room
Discussion with Pulitzer Prize-winning author Junot Díaz
Get a Jumpstart on your Finals Week
12:30 to 12:45 p.m.
Workshop with the Academic Achievement and Access Center
Last Day to Drop
Last day to drop full semester classes, excluding School of LawW
The Future of Food and Family Farmers: Thinking About Food Utopias
Noon to 1 p.m.
Lecture with sociology and environmental studies professor Paul Stock
Pizza and Politics: In the Eye of the Beholder
Noon to 1:15 p.m.Where: Kansas Union, Centennial Room
Pizza and discussion about creative expression with UTNE Reader editor-in-chief Christian Williams
Why Radical Connectivity Means the End of Big
Spooner Hall, The Commons
Lecture with Nicco Mele on how technology disrupts our lives.
Professor’s study shows recession affects young adults
HOW YOUNG ADULTS HAVE BEEN HIT FROM THE ECONOMIC DOWNTURN
People 18-34 years old:
— have taken a job they didn’t want just to pay the bills.
— have taken an unpaid job to gain experience.
— have gone back to school as a result o the poor economy.
— have postponed getting married or having a baby.
— have moved back in with their parents afer living on their own.
— say it’s harder now or young people to save or the uture than it was or their parents’ generation.
— say it’s harder or young people now to pay or college than it was or their parents’ generation.
— say it’s harder or young people to buy a home than it was or their parents’ generation.
—2012 Pew Study: “Young, Underemployed and Optimistic”
Tornadoes, damaging storms sweep across the Midwest
WASHINGTON, Ill. — Dozens of tornadoes and intense thunderstorms swept across the Midwest on Sunday, leaving at least ﬁve people dead and unleashing powerful winds that ﬂat-tened entire neighborhoods, ﬂipped over cars and uprooted trees.Illinois took the brunt of the fury as the string of unusually powerful late-season tornadoes tore across the state, injuring dozens and even prompting ofﬁcials at Chicago's Soldier Field to evacuate the stands and delay the Bears game."The whole neighborhood's gone. The wall of my ﬁreplace is all that is left of my house," said Michael Perdun, speaking by cellphone from the hard-hit central Illinois town of Washing-ton, where he said his neighborhood was wiped out in a matter of seconds."I stepped outside and I heard it coming. My daughter was already in the basement, so I ran downstairs and grabbed her, crouched in the laundry room and all of a sudden I could see daylight up the stairway and my house was gone."An elderly man and his sister were killed when a tornado hit their home in the rural southern Illinois com-munity of New Minden, said coroner Mark Styninger. A third person died in Washington, while two others perished in Massac County in the far southern part of the state, said Patti Thompson of the Illinois Emergency Management Agency. She did not provide details.With communications difﬁcult and many roads impassable, it remained unclear how many people were killed or hurt. The Illinois National Guard said it had dispatched 10 ﬁreﬁghters and three vehicles to Washington to assist with immediate search and recovery operations.In Washington, a rural community of 16,000, whole blocks of houses were erased from the landscape, and Illi-nois State Police Trooper Dustin Pierce said the tornado cut a path from one end of town to the other, knocking down power lines, rupturing gas lines and ripping off roofs.An auto parts store with several people inside was reduced to a pile of bricks, metal and rebar; a battered car, its windshield impaled by a piece of lumber, was ﬂung alongside it. Despite the devastation, all the employees managed to crawl out of the rubble unhurt, Pierce said."I went over there immediately after the tornado, walking through the neighborhoods, and I couldn't even tell what street I was on," Washington Alderman Tyler Gee told WLS-TV."Just completely ﬂattened — some of the neighborhoods here in town, hundreds of homes." By nightfall, Trooper Pierce said there were reports of looting in Washington.