New Survey Shows Young People Increasingly Living on The Financial Edge; New Online Organization Aims to Help 18-34 Year-Olds Navigate Money, Work, and Health Challenges

WASHINGTON, July 22 Qvisory-money-health


WASHINGTON, July 22 /PRNewswire-USNewswire/ -- Qvisory, a new online advocacy organization aimed at helping young adults with their money, work, and health concerns today released a set of survey findings via an online forum, illustrating the severe impact of the current economic crisis on 18 to 34 year-olds.  



The report, "Young People: Living on the Edge," written by Anna Greenberg of Greenberg Quinlan Rosner Research, sheds light on the intense pressures young people face making ends meet in the current economic downturn, and how they believe national leaders in Washington, DC are failing to represent their interests at a time when they desperately need assistance navigating rough economic currents.



Qvisory was founded with support from SEIU, the Rockefeller Foundation, and other donors. Originally conceived by SEIU President Andy Stern as a way to help young people address the types of financial challenges identified in this survey, Qvisory provides services to and advocacy for this generation on its website, Qvisory.org.  At today's forum, Qvisory also announced the availability of health insurance plans selected specifically for this age group, available for purchase to all visitors to the Qvisory website.



The June 2008 Greenberg survey polled both parents and young adults to probe attitudes towards economic security. The survey shows that young Americans are facing tremendous and growing financial stress:  



-- Financial concerns top the list of problems facing young adults in their lives today, at 55 percent, an 11-point jump over the past year.  



-- Young adults face a growing generational credit crisis: 



-- Three out of four young people report having gone deeper in debt over the past year.

-- More than half of young adults say they are only paying their minimum monthly amount on their credit card.

-- Nearly one in five (19%) report having had their phone, cable, or utilities cut off, and more than one in seven (15%) have faced repossession or had their credit card cancelled due to non-payment.

-- One in three young people who owe money on a credit card owe more than $10,000 overall.

-- 28% of all young adults are carrying medical debt.

-- More than half of all young people have gone without health insurance at some point in the past five years - including 75% of those who are now carrying medical debt.

-- Only 32% of young people think the leadership in Washington, DC represents their interests well, in contrast to their views about how well corporations (79%), veterans (52%), and seniors (53%) are represented. 

-- Interestingly, parents of young adults are far less concerned about the immediate financial strains facing their children, and more concerned about their health and long term happiness.  

-- Compared to their adult children, parents are twice as likely to worry about their kids being able to afford health insurance, but only about a third as likely to be concerned about gas prices and their kids' ability to pay their bills in today's economy. 

-- The number of parents loaning their children money has almost doubled over the last year.



"This is not our fathers' or grandfathers' economy," said Andy Stern, president of SEIU.  "No generation of people has ever witnessed so much change in a single lifetime.   We've gone from an economy that's 9-to-5 to 24/7, one that's no longer national, but international. The old rules don't apply anymore, and we are at a moment when we need to make change.  How we fare as a nation in the 21st century global economy will largely depend on how and whether younger generations catch their economic footing.  Qvisory's goal is to help them do just that."



Eileen V. Quigley, Qvisory's Executive Director, added: "As we see in this survey, there is a need for an organization like Qvisory that will help young people navigate their money, work, and health needs, and make informed choices that will meet their interests, not the interests of corporate marketers. We aim to provide 18 to 34 year-olds the best, most affordable services, and the voice in Washington that they lack."



Qvisory is also making it easier for young people across the country to purchase health insurance online through a partnership with Aetna and eHealth, Inc. Individuals looking for health insurance can now go online at http://www.qvisory.org/health and find coverage options pre-screened by Qvisory that meet the needs of individuals in this age group.  



Qvisory and Aetna have been working together to develop plans specifically designed to meet the health care needs of young adults, and these plans will be available in the near future.



"Young adults are the most likely age group to be uninsured, with nearly 20 million individuals between the ages of 18 and 34 falling into this category," said Ron Williams, Chairman and CEO of Aetna. "We feel like by working with Qvisory and Andy Stern on this issue, we can help make quality, affordable health insurance options available to a significant number of young adults, while also educating them on the value and importance of having health benefits." 



In addition to providing affordable health care coverage, Qvisory is focused on helping this generation meet its goals for economic security by providing its members with a financial education and counseling service through BALANCE.  More information about this service can be found at   http://qvisory.org/membership/balance.









ABOUT QVISORY



Qvisory (www.qvisory.org) is a new nonprofit online advocacy and service organization that supports the health, financial well-being, and career goals of young adults from 18 to 34 years old.  Our mission is to help this generation build their future and gain more control over their lives.  We do this by providing the information, tools, and services young adults need to make sense of the challenges they face.  We are also looking out for this generation in Washington and will fight for policies to protect their best interests. 



We invite you to explore our community: learn and comment on our blog (http://qvisory.org/blog), participate in our advocacy actions (http://qvisory.org/takeaction), make or join a pact (http://qvisory.org/pacts), explore our services (http://qvisory.org/membership), and become a member.



Qvisory is based in Seattle, Washington.  For additional information, please read our FAQs (http://qvisory.org/qvisory/faq) or write us at contact@qvisory.org.





SOURCE  Qvisory