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Econ Focus: Why Don't More Young People Buy Stocks?
Standard life-cycle models of portfolio choice suggest that individuals should participate in the stock market throughout their lives. Yet the data show that this is not typically the case early in life. Rather, there is a pattern of high human capital investment (that is, acquiring skills that the labor market values) and low stock market participation in youth, a pattern that reverses as individuals age.
Lessons from the Jim Casey Youth Opportunities Initiatives
One of the nation?s only programs that uses individual development accounts (IDAs)1 to build the assets of young people is overseen by the Jim Casey Youth Opportunities Initiative, a private foundation in St. Louis, MO. The IDAs are part of a program called Opportunity Passport that was developed for young people who are ?aging out? of foster care. Started in 2001, Opportunity Passport is being implemented in 18 states by 13 nonprofits, four public agencies, and one university.