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Money and Finances Are Young Adults’ Biggest Concerns

AARP’s LifeTuner initiative released a survey today that demonstrates how financial concerns are pervasive in every aspect of young adults’ lives and suggests that a general reluctance to discuss money with friends and family could have a negative impact on their financial futures. The report, entitled “Personal Finances: The Final Frontier of Social Media,” is based on a national survey of 1,002 young adults (aged 18-34). Specifically, the report revealed:

• 57% of young Americans consider their financial situation to be the biggest concern in their lives.

• 66% rate their own financial situation as fair to poor, and almost half (43%) expressed concerns about their ability to make sound financial decisions.

• Nearly eight out of ten young people (78%) have debt of some kind. Credit card debt (36%) – considered “bad debt” by most financial experts – is by far the most prevalent form.

• 68% of respondents admit that finances have caused stress in a relationship or friendship.

• While in many cases social media sites (e.g. Facebook) have lowered or eradicated the social boundaries around certain topics, finances remain a taboo subject. In fact, people are more likely to discuss relationship status (61%), politics (43%), their health (23%), and their weight (20%) than their financial situation.

• Among those young adults who have sought advice online, 85% report being more confident about their ability to manage their finances.

These findings demonstrate the need for LifeTuner.org, a new online community brought to you by AARP. This online community offers unbiased, balanced resources, information and financial advice to young adults. By providing free expert advice alongside an interactive community of their peers, LifeTuner makes personal finance accessible and inclusive. LifeTuner provides a series of tools and calculators designed to help balance budgets, itemize spending and pay down debt. The site also includes “8 habits” for long-term financial health; simple, easy-to-follow rules that show how anyone can start building their financial future.

The creation of LifeTuner will also benefit existing AARP members in a multitude of ways. For example, the aforementioned research found that a majority (60%) of respondents view their parents as their primary source of financial advice. Additionally, a prior survey of AARP members found that 69% were still providing some level of financial support to their adult children. Additionally, LifeTuner provides AARP members a way to give back by sharing their life lessons and experiences through LifeTuner’s “Been There” forum, which encourages an intergenerational dialogue around finances, career and other money-related life concerns.

For more information, visit LifeTurner.org.

This entry was posted on Wednesday, December 2nd, 2009 at 4:29 pm and is filed under Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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