Abstract
Unionized workers experience significant labor market advantages. Do these advantages transfer to financial markets, including credit and consumer markets? We argue that union coverage facilitates financial advantages in young adulthood by enhancing access to wealth-building credit and avoidance of costly financial coping strategies. We extend a conceptual model of financial advantage based on young adults’ debt holdings to the case of early career union coverage using data from the National Longitudinal Survey of Youth-1997 Cohort. Findings support the importance of labor market institutions in fostering financial advantages and underscore the role of credit and debt for life course inequality processes.
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