Money and Finances - Young Adults' Biggest Concerns
Or what this survey should have been called - "I've got my mind on my money, and my money on my mind!" Haha... AARP revealed some research that in this age of social networking and excessive sharing, the last taboo for young adults is finances - despite the fact it's the biggest concern in their (our) lives.The report, titled "Personal Finances: The Final Frontier of Social Media," shows that our general reluctance to discuss money with friends and family could have a negative impact on our financial futures. While none of it was all that surprising, it's still something we should keep in mind and continue working to fix. In response to it all (or rather, perhaps to back it up?) AARP came out with a new site dedicated to getting our acts together: LifeTuner.org.
I thought I'd copy and paste some of their findings, along with my own two cents here. The highlights are based on a national survey of 1002 young adults, aged 18-34:
57% of young Americans consider their financial situation to be the biggest concern in their lives.
Eh, not surprising. It sucks, but it's not a big shock. When we're out of high school & college we getting our first apartments and cars and all in order - two of the biggest expenditures right off the bat. Throw in socializing (aka drinking), shopping, and dating and you've got a brand new pile of debits heading your way. Hopefully your spankin' new job pays well enough to keep you out of trouble, but as we all know salaries aren't what determines savvy saving skills.
I'd really like to know what the #2 concern with young Americans is. I bet it's career - which would also cross paths with the financial world as well.
...People are more likely to discuss relationship status (61%), politics (43%), their health (23%), and their weight (20%) than their financial situation.
Of course! Money talk is all sorts of taboo around here (outside the pf blog world, that is). I'd say we're a lot further than we were before this economic crisis hit the fan, but we've still got a ways to go.
66% rate their own financial situation as fair to poor, and almost half (43%) expressed concerns about their ability to make sound financial decisions.
This is scary :( Especially that last part. If you're doubting whether your making the right moves in your financial life, it's time to start learning brother! Close down Facebook and put down the Wii, you need to start reading more financial sites. I'd start out at Money.com, Kiplinger.com, and put in an order for The Richest Man in Babylon and I Will Teach You To Be Rich books. One hour there will get you started in no time.
68% of respondents admit that finances have caused stress in a relationship or friendship.
Yeah, especially when they go around poking you for your salary ;) But sure, this makes total sense. If you're buggin' about all that debt you have piling on it'll of course stick to you when you're out and about hanging out with people. Or even worse on a date! Nothing says I Love You more than when your card bounces or you "forget your wallet" when it comes time to picking up dinner.
*Among those young adults who have sought advice online, 85% report being more confident about their ability to manage their finances.*
Well would you look at that :) You research/read/look for ways to get your finances on track and voila! You feel better about it. While this, too, isn't all that surprising, it IS something to keep in mind. Your finances is one department that 45 mins of your time could literally save you thousands of dollars.
Labels: life, personal finance
posted by J. Money at
7:45 AM
12 Comments:
It's too bad that money is taboo to the extreme among young people, because they just keep reinforcing each others' bad habits.
While we're talking about statistics on young people, did you hear this piece of encouraging news- http://www.theonion.com/content/news_briefs/poll_100_of_grandsons. Haha!
Ziiiiiiiiing!
Wow. I didn't think young adults thought of money at all.
It boggles my mind that finance is still so taboo as well. Now that I think about it, even though I will talk about my finances I guess I do tend to hesitate a bit. Of course, I'm not a young adult anymore (but not by much!)
BTW- You're site kills me! LOL! I will be coming back later to explore it more in depth and suggest my readers visit as well.
66% fair to poor? WOW! That is a scary number my friend! Personally I think there has been a shift in the things young people think about today as opposed to when I was younger. It definitely seems as though more and more young people are concerned with money management---probably helped along by the current economic situation.
I know I was a little late waking up to my financial situation! :D
Great post J!
money is all i ever talk about in my facebook network. spamming finance links and money updates and whatnot. i even have a page on FB for my finance blog. I don't want a lack of financial advice and savvy to creep up on me in future and bite my in the behind :)
This is so true! I didn't need a study to tell me that, but it's nice to have the numbers back it up.
Interesting stats J! When you have little money, it gets daunting, but that's what learning is all about!
With the right process, young folks will ALL be wealthy in due time.
BTW, there are 131,000 homeless vets in the US today. Please help spread the word and raise awareness this is unacceptable!
Best, FS
So true about having no money and needing money which of course is the struggle. But seeking advice online has helped me get my finances started for the future and to put more emphasis on saving even if it is a small amount.
I'd be curious to find out just what the stats are on regular adults too. My bet is that it is at least that high, if not higher. I guess it's more expected because we have careers/kids/houses or some variation. Still, I think at this point, the biggest concern of most people at this point is money. Young, old. Even kids are becoming more aware of finances, as their parents struggle.
It's a hard lesson, but mostly a belated one. I just hope that people take some of these lessons to hear the way people who lived through the Great Depression.
Am I the only one who finds it ironic that AARP is starting a PF site aimed at young people. That's just a little bit weird.
No matter what, it is a very interesting way to get new "customers/members" at a younger age. The VFW should use this model.
@sioux falls lincoln - perhaps only those who like to take surveys ;)
@Ian Smith - hey, thanks man! glad you enjoy it - thanks for stopping by and leaving a comment :)
@Brad - oh yeah, this economy is bringing it to the forefront for sure! although it should have really been there all along, eh? as long as we're all thinking about it though - young AND old - I'll be a happy man.
@kenyantykoon - haha, there you go! since I'm anonymous I naturally have a separate FB & Twitter account too for all this finance stuff. I think my friends/family would go nuts with all my posting/tweeting/commenting on money all the time ;)
@me in millions - yeah, nothing too out of the ordinary. still freaky though.
@Financial Samurai - wow, really? that is sad sad sad my friend :( i'll send it around twitter as soon as I post this up.
@Craig - it helps having the whole community here backing you up on that too, eh?! and why do I keep saying "eh?"? weird.
@Abigail - you're probably right unfortunately. If the young ones aren't learning/doing something about it then, it'll get harder for them to change as they get older. still DO-ABLE, of course, but I know I'm getting more stubborn in my old-er age ;) I'm fine w/ the money aspect, but Lord knows what other things I'm sucking in.
@Hank - maybe they figured hitting up the youngsters now is best before they get into more trouble later ;) or they're just social media savvy and know we'll all blog about it. It worked!
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