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A Systematic Review of Financial Debt in Adolescents and Young Adults: Prevalence, Correlates and Associations with Crime

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  • Machteld Hoeve
  • Geert Jan J M Stams
  • Marion van der Zouwen
  • Margaretha Vergeer
  • Kitty Jurrius
  • Jessica J Asscher

Abstract

Financial debt in young people has increased in recent years. Because debt may have severe consequences, and it may enhance criminal behavior, insight into the prevalence and determinants of debt and its association with crime is important. We conducted a systematic review and meta-analysis of 36 manuscripts to examine the prevalence of financial debt (k = 23), correlates and risk factors of debt (k = 16), and associations between debt and criminal behavior in adolescents and young adults (k = 8). Findings revealed that the prevalence of debt is substantial among young people; on average, 49% reported to have at least some debt, 22% had financial problems. Older participants and ethnic minorities were found to have higher levels of debt than younger and indigenous counterparts. Females had more financial problems and higher student loans. Low self-esteem, a pro-debt attitude (of young people and their parents), lack of perceived control towards financial management, poor social functioning, financial stress and external locus of control were found to have the strongest associations with debt. Studies reported strong associations between debt and crime. Particularly, strong associations were found between serious and persistent crime in young people and later (young adult) debt or financial problems.

Suggested Citation

  • Machteld Hoeve & Geert Jan J M Stams & Marion van der Zouwen & Margaretha Vergeer & Kitty Jurrius & Jessica J Asscher, 2014. "A Systematic Review of Financial Debt in Adolescents and Young Adults: Prevalence, Correlates and Associations with Crime," PLOS ONE, Public Library of Science, vol. 9(8), pages 1-16, August.
    • Handle: RePEc:plo:pone00:0104909
    DOI: 10.1371/journal.pone.0104909
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    References listed on IDEAS

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    1. John de New & David Ribar & Christopher Ryan & Clement Wong, 2020. "Financial Outcomes in Adolescence and Early Adulthood in Australian Longitudinal Data," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 53(1), pages 126-138, March.
    2. Jinhee Kim & Swarn Chatterjee, 2019. "Student Loans, Health, and Life Satisfaction of US Households: Evidence from a Panel Study," Journal of Family and Economic Issues, Springer, vol. 40(1), pages 36-50, March.
    3. Atte Oksanen & Mikko Aaltonen & Kati Rantala, 2015. "Social Determinants of Debt Problems in a Nordic Welfare State: a Finnish Register-Based Study," Journal of Consumer Policy, Springer, vol. 38(3), pages 229-246, September.
    4. Elisabeth Sinnewe & Gavin Nicholson, 2023. "Healthy financial habits in young adults: An exploratory study of the relationship between subjective financial literacy, engagement with finances, and financial decision‐making," Journal of Consumer Affairs, Wiley Blackwell, vol. 57(1), pages 564-592, January.

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