That was the subject line of a PR email I just got. Which of course I had to click and then copy as my own subject line because how could you not??
It came from the folks at Circle.com – a mobile app that’s trying to change how people pay each other around the world (you can send money internationally for free!), and within the email came a few juicy nuggets I thought we’d marinate on today. Because after all, who doesn’t love stats? Or comparing ourselves to each other? ;)
I also found some others hidden in my inbox, though not nearly as eye-catching headline-wise:
“Data on Election and Retirement”
“Love and Money – over 1,000 Americans surveyed”
“Top Stressors for Back to School Shopping”
We’ll start with the Circle email…
- One third of adults in the U.S. are owed on average $450 from friends. Fascinating! Are you owed anything from anyone right now?? I’m not, outside of some business invoices, but there have been plenty of times when I have been owed after lending friends $100 or $400, or even $5,000 once (which I’ll never do again – too risky!) People will say it’s better to “gift” the money than to lend it, which I’d agree, but of course much harder to do than say. Especially depending on your current finances. Still, I’ve never heard a dollar amount placed on IOUs like that – kinda neat.
- The average Millennial (ages 18-34) will have voluntarily spent between $5,250 and $7,010 on a close friend for major holidays and life events. It doesn’t state over what period that is, but if we’re talking about lifetime then yeah – probably, but if we’re talking a year or two then no way! I know we said our friends are worth $100,000 last week, but that’s pushing it ;)
They then listed a handful of apps “to help end the National Friends Deficit and make America IOU-Free again” – haha… Which included the Circle app of course, as well as Mint, Find my iPhone / Where’s my Droid, and Wally – which is apparently the “ultimate way to track your expenses.” Anyone use any of these before? You like?
Then here are some stats from a recent report by PersonalCapital.com:
- Millennials feel more secure about their retirement (20 percent) versus those aged 35-54 (12 percent). I didn’t think this was too interesting at first, but then the more I thought about it, it was. Younger people should feel LESS secure since they haven’t had as much time under their belts to start growing their wealth! So either they’re just super optimistic, or all those surveys showing they’re living off/needing much less these days are more accurate than they seem :) Though 20% secure is still WAY off of 100% and still not good. Nor 12% especially if you’re in the next age bracket up – yikes!
- Younger people see education as a priority issue this election (31 percent), behind terrorism (43 percent) but ahead of the economy (28 percent), with only 7 percent listing retirement savings as a top issue. Haven’t thought about how I prioritize election issues, but I tend to focus on things within our immediate control vs broader ones, so of course anything financial/retirement related would probably find itself at the top of my list. After safety of course.
- Total Millennials feel ‘very unfavorable’ toward Trump (57 percent) and are ‘more worried’ about retirement savings if he is elected (49 percent). I hesitate to leave this one in here for obvious reasons, haha, but it is kinda interesting, no? Though it would be much more juicier if the numbers were farther away than a roughly 50/50 split – hah.
Now we go to a study that just dropped yesterday by CinchFinancial.com on relationships and money across differing age groups:
- 51% of respondents have had disputes with their partner over money — No shock there.
- 26% have lied to their partner about their spending — Ack! Horrible! This is the stuff that compounds over the years – and not in the GOOD way!
- 60% of men earn more than their partner — Also no shock, unfortunately.
- 6% say the current presidential election is negatively impacting their love life — Haha, what??? How can any % negatively affect someone’s love life? Unless they’re dating/married to someone who opposes your views I guess? Or maybe they’re too distraught over any of the candidates and thus can’t perform? ;) Either way, I want no part of Hillary -or- Donald in my bedroom at any point now or going forward, haha…
- 26% of gay and bisexual respondents have had relationships end over money compared to 14% of heterosexuals — Ooh, very interesting! I wonder why the percentage is that much higher? *Paging Taylor, Debt Free Guys, ZJ*
This reminds me of a post we did here once on hiding money stuff from your significant other, and how bad it can be for not only your relationship, but also your health. The lady in the article was hiding $18,000 from her husband and was about to explode with guilt! Right before having a baby, too – yikes.
We actually just got a new comment on it even though the post is almost three years old:
“Would u stay if happens again n again n bigger n bigger. 7 years down n now thinking of an exit from the marriage. Of course he says it wont happen again.”
So sad… I’d like to think that I’d do whatever it takes to get stuff fixed and put love first, but man – who knows how that affects you on a daily basis? It’s not so much the money part itself that would kill me, it’s all the LYING and then repeated broken promises over time. Trust is major when it comes to relationships! Can’t be messing around with that!
Here’s some last stats from a recent Ebates.com survey I thought was funny just because it’s SO TRUE! And which you certainly didn’t need a survey to figure out.
Top lines parents hate to hear the most:
- “I have to have it – literally everyone has one.” – 49%
- “I promise I won’t ask for anything else.” – 45%
Haha… How many times have YOU said that over your lifetime? ;) How many times lately?? (Better not be raising your hand over there! I’m watching you!!!)
Phrases kids hate to hear the most:
- “We can’t afford that one. Let’s get this one instead.” – 50%
- “Don’t you already have one of those?” – 44%
- “You don’t have an unlimited budget. Spend it wisely.” – 24%
Oh come on! That’s just great money management skills right there! Pshh….
So yeah – in a nutshell, all these stats pretty much points to one main thing: You can’t escape money no matter how old you are!
Best to start taking control of it NOW so it becomes much easier as time ticks on. And the beautiful part is you don’t have to wait and see who becomes president next! We’re the only ones who can change our lives for the better, so get fired up and ready to go!
(Fired up? Ready to go! Fired up, Ready to go! ;))
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!