RISMEDIA, November 2, 2009—AARP’s LifeTuner initiative recently released a survey 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.
“The findings of this report perfectly illustrate the reasons why LifeTuner was created,” said Diane Ty, AARP senior vice president. “We worked closely with over 400 young adults who helped us shape the vision and content of LifeTuner. Our aim is to demonstrate to young adults that many of the financial decisions made in their 20s and 30s, particularly those around saving for the future and avoiding harmful debt, can affect the rest of their lives.”
For more information, visit www.LifeTuner.org.