Post by Kathy Steinberg, Research Manager, Public Relations Research
To further flesh out the generational differences Laura cited in yesterday's post (again, these findings are from the survey we recently conducted for the NFCC)...
Gen Y adults are the most likely to say they do not have any non-retirement savings (48%, vs. 26% of adults ages 35+); and,
They are also less likely than their older counterparts (except for those ages 65+, most of whom are probably already retired) to be putting money away for retirement (48%, vs. 66% of adults ages 35-64).
These findings are not very surprising - younger adults earn less money, having less of it to save, and are farther away from retirement, probably leading many to hold off on saving for it until they're older - but nonetheless concerning...after all, today's Gen Yers are tomorrow's leaders and not having a financial "safety net" is an unwise economic policy.
But at least these young folks know that they don't know much:
Gen Y adults are more likely than those ages 35+ to grade themselves poorly when it comes to their knowledge about personal finance (47% gave themselves a C, D or F, vs. 38% of adults ages 35+); and,
They are also more likely to strongly agree that they could benefit from the help of a financial professional (50%, vs. 29% of adults ages 35+).
Though many may not be practicing healthy financial behaviors now (and I'll admit that I'm one of the many), Gen Y adults could still build a bright (and hopefully wealthy) future for themselves (and for America) if we educate ourselves and start saving. Now the hard part...how? Chime in with your tips to help me and other Gen Yers start saving without having to stop living (it up).