美年轻人不愿借债消费背后的问题

    自金融危机发生以来，很多美国人都不想再大量负债了。房主们发现，勉为其难买栋大房子会让自己在接下来的好几年里陷入财务危机。而找不到工作的大学毕业生则没法偿还自己的学生贷款。他们不禁会怀疑，辛辛苦苦得来的学位真的值得吗。而就在欧洲设法应付自己的债务危机时，华盛顿的立法者们则在苦苦努力，试图削减美国的赤字。

    的确，这场危机让很多人都得到了惨痛的教训。但是债务本身并不总是坏事。债务上升反映出经济体在健康发展——健康的经济体中，消费者和贷款方都乐于承担更多风险。

    不过，现在的年轻人已不再愿意背负父辈那么多的债务了。随着经济走势向好，这种趋势是否还会持续尚无法确定，但是皮尤研究中心（Pew Research Center）的一份报告显示，35岁以下的年轻人比他们的长辈更快地偿还贷款。这项研究并没有说明这种现象是好是坏，但有很多迹象表明，债务减少意味着千禧一代对自己的财务状况感到焦虑，而不是勇于承担责任。

    这是个负面信号。美联储（The Federal Reserve）的超低利率政策让消费者能借贷更高的额度，从而拉动了房地产和汽车销量，但是现在的年轻人从央行的债券购买计划中获得的好处似乎比父辈要少。

    这份报告称，35岁以下人士组成的家庭中，2010年的债务中值为15,473美元，比2007年的22,000美元减少了29%。与之相比，35岁及以上人士组成的家庭中，债务中值的下降幅度就小得多，只有8%。

    毫无疑问，这个下降趋势部分反映出年轻人在房贷和消费支出上双双减少。不过它并不必然表明年轻人无力承担房贷，因为很多人出于各种原因推迟了结婚年龄（而结婚往往意味着就要买房）。不过，主要由年轻人构成的首次购房群体所占份额确实减少了。而且年轻人承担信用卡债务和车贷的意愿也下降了，表明他们的财力无法应付每月还款的需要。与2001年的50%相比，2010年仅有39%的年轻家庭有信用卡债务。至于汽车，2010年，25岁以下的人士组成的家庭中有73%拥有或至少租了一辆车。而2011年，这个比例下降到了66%。

    可能最让人费解的是，其他各类消费贷款都在下降的同时，学生贷款却在上升。不过，对年轻家庭来说，家庭债务的四分之三还是来自房贷，而学生债务仅占15%。

    这份研究的结论和其他一些关注年轻人财务状况的研究如出一辙。2012年，罗格斯大学（Rutgers University）对毕业生做过一份调研。结果发现，40%的人表示学生债务导致他们推迟了大宗消费，比如房子或车子。面对每个月要付的大笔账单，近期毕业的大学生挣的却没有以前的毕业生多。2009年到2011年间毕业的学生，年薪中位数比2007年减少了3,000美元到27,000美元。这个差距非常巨大。这笔钱可能意味着足够支付买房的首付款，或是用来购买衣服家具等一大堆东西。

    而就现在来说，不愿负债的千禧一代已经变成了几乎什么都靠租的一代人。（财富中文网）

    译者：清远

    Since the Great Recession, countless Americans have shunned the idea of taking on more debt. Homeowners discovered that stretching to buy bigger houses would result in years of financial turmoil. Jobless college grads unable to pay down their student loans now wonder if their degrees are really worth it. And as Europe grapples with its own debt problems, Washington lawmakers struggle to find a way to reduce the U.S. deficit.

    Indeed, many have learned a few harsh lessons. But debt isn't always a bad thing. More of it can reflect a healthy economy -- one where consumers, as well as lenders feel comfortable taking on more risks.

    Young adults, however, haven't taken on nearly as much debt as their parents. It's uncertain if the trend will continue as the economy improves, but for now, those under 35 years old have shed debt faster than older ones, according to a report by Pew Research Center released last week. The study doesn't say if this is a good or bad development, but many signs suggest the drop means Millenials are more anxious than responsible about their finances.

    It's a negative sign. The Federal Reserve's policies to keep interest rates super-low has spurred more home and car sales by getting consumers to borrow more, but it appears young adults have benefitted less from the central bank's bond-buying program.

    Across households headed by people under 35 years old, median debt fell by 29% to $15,473 in 2010, compared with $22,000 in 2007, according to the report. That compares with a much smaller 8% drop at households headed by those 35 and older during the same period.

    To be sure, the decline partly reflects a fall in home loans and purchases by young adults. This doesn't necessarily signal that younger people aren't able to afford a house, since many have been delaying marriage (which is typically followed by homeownership) for various reasons. However, the share of first-time homebuyers typically comprised of young adults has fallen. And young people are less willing to take on credit card debt and auto loans, suggesting they aren't in financial positions to commit to monthly payments. Compared with 50% in 2001, only 39% of young households in 2010 had credit card debt. When it comes to vehicles, 73% of households headed by an adult younger than 25 years old in 2001 owned or leased at least one vehicle. By 2011, that share fell to 66%.

    What's maybe most perplexing is that student debt has increased while all other consumer loans fell. Still, roughly three-quarters of household debt for young adults comes from home loans; student debt makes up only 15%.

    The study's results are similar to other research looking at the finances of young adults. In a 2012 Rutgers University survey of college graduates, 40% said student debt was making them delay large-scale purchases, such as a house or a car. Faced with big monthly payments, recent college graduates aren't earning as much as graduates before them. The median salary for those graduating between 2009 and 2011 was $27,000 -- $3,000 less than 2007. The difference is significant. It could mean having enough to help with a down payment on a home or spending money for everything from clothes and furniture.

    For now, the no-debt Millenials have spawned a generation that rents most everything.