Young adults face tough economic struggle: study

WASHINGTON (Reuters) - Young adults are being hit harder by rising U.S. energy and food costs and a weakening economy than older Americans because they are just entering the workforce and are strapped with credit card debt, a report released on Tuesday said.

Adults aged 19 to 35 do not believe they earn enough to keep pace with the cost of living, according to the report by Qvisory, a nonprofit online advocacy and service organization. Forty-three percent cite the cost of gas as their top financial concern.

"They are entering their adult lives saddled with debilitating debt and a changing economy that offers fewer stable, good-paying jobs, especially for young people without a college education," the study said.

The study was based on surveys conducted in 2007 and 2008 by Greenberg Quinlan Rosner Research. In the spring of 2007, surveys reached 1,015 respondents. A further 900 young adults responded to surveys last month.

Nineteen percent reported having their phones, cable television or utilities cut off because they failed to pay their bills. Fifteen percent had their credit revoked.

Fifty-seven percent of young adults said they only pay the minimum monthly amount on their credit cards, while 36 percent said they have paid a late fee on a card in the past year.

Among credit card holders, 41 percent are more likely to have accumulated debt in the last year, while 33 percent of young adults who owe money on their credit cards are over $10,000 in debt.

(Reporting by Nancy Waitz; Editing by Jan Paschal)