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
    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.
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