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Financial Habits of The American Youth

spending habits of teenagers

Young Adults and Their Money Habits

Money issues, especially keeping up with routine bills and carrying debt are by far the things that young people worry about most in life. Here are some results of a survey about sharing financial information through social media:

Purchases or spending decisions were shared by 15 percent. Income, salary or wages were shared by 11 percent. Financial decisions were shared by 8 percent. Rent or mortgage amounts were shared by 7 percent. Amount of charitable donations were shared by 5 percent. Student loan amounts and credit scores or credit histories were each shared by 4 percent. Information about taxes was shared by 3 percent. The amount of credit card debt was shared by 2 percent.

Something else pertaining to money was shared by 2 percent. None of these things were shared by 3 percent of respondents. One percent of the respondents didn’t know or refused to answer.

Outcome of Using Social Media for Financial Advice

After using social media to learn more about money, 26 percent felt much more confident and 59 percent felt somewhat more confident. It made 13 percent feel somewhat less confident and 2 percent feel much less confident.

Personal Finance Tips

Learn self control. Take control over your financial future, and know where your money goes. Start an emergency fund and start saving for retirement now. Get a grip on taxes. Guard your health and guard your wealth.

Personal Financial Situation

Sixty-five percent of older, college-educated people report their personal financial situation as excellent or good and 45 percent report it as being fair or poor. Fifty-one percent of college-educated respondents call their situation good or fair and 49 percent call theirs fair or poor. Twenty-six percent of unmarried women call their situation excellent or good and 74 percent call it fair or poor.

Twenty-five percent of people with a high school education or less report their financial situation as being excellent or good and 75 percent call it fair or poor. Twenty-five percent of people who work part-time report their financial situation as being excellent or good and 75 percent call it fair or poor. Among the unemployed, 20 percent say their situation is excellent or good and 80 percent say it'’s fair or poor. Among low-income respondents, 18 percent reported having an excellent or good situation and 82 percent call theirs fair or poor. Twelve percent of single moms call theirs excellent or good and 88 percent call it fair or poor.

Describe Your Financial Life as a Reality Television Show

When asked this question, 35 percent said The Real World because they are trying to figure out how to earn a living and have some fun in the process. Survivor was the answer for 26 percent because they are trying to survive financially and every day is a struggle. The Amazing Race was the answer for 16 percent because they are feeling confident and are in good shape. For 4 percent, it was Wipeout because they get knocked down with big money problems but they chose that route. For 4 percent, Temptation Island was the answer because they live for the moment and think about the consequences later. For 10 percent, The Apprentice was the answer because they want a high-powered career and all the money that comes with it. Five percent had no answer or didn’t know.