Though young people may wish to be financially savvy, it can be difficult to stay in a stable place when it comes to money. As a result, bankruptcy could end up being an option for some Ohio residents to consider. It was recently reported that 50 percent of individuals between the ages of 23 and 35 that participated in a survey stated that they would not be able to come up with $2,000 in the event of an emergency. This information may indicate that many individuals within that age bracket do not have an adequate amount of savings that could help them in an unexpected situation.
Furthermore, 42 percent of those surveyed indicated that they had utilized alternative financial services in order to secure money. These services were described as title loans, pawn shop loans, tax refund advances and others. Though these loans may seem helpful while in a tight financial spot, they could end up causing more difficulties due to interest payments and potential loss of property.
It was also reported that 14 percent of those individuals had also taken out money from their retirement accounts in the twelve months prior to the survey. Withdrawing money from such accounts could lead to a negative situation, especially if individuals continue to access such funds in emergencies. They could potentially find that they do not have adequate funds when they reach retirement age.
Financial difficulties can plague individuals of any age, but younger people may be particularly susceptible to such hardships. Rather than taking risky steps to gain money in emergency situations or to simply pay monthly expenses, individuals may want to reassess their finances and debt load. If Ohio residents have taken out loans that they are unable to repay or accrued considerable debt in other manners, they may wish to consider personal bankruptcy. Those who qualify will be able to work toward a fresh financial start.
Source: Forbes, "5 Numbers That Spell Fresh Financial Trouble For millennial", Maggie McGrath, Jan. 13, 2016