An AARP survey 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
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.
https://www.familiesonlinemagazine.com/finaancial-worry-for-young/Mary FormanOpinion BlogsAn AARP survey 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,'...Mary FormanMaryForman[email protected]AuthorMary is an educator and a parent of three children. She is the author of 7 children's books, loves arts and crafts and teaches parenting classes at Washington Community College.Families Online Magazine