Young Adults List Debt As Biggest Financial Concern
Wells Fargo Retirement reveled information from a recent survey involving more than 1,400 adults between the ages of 22 and 32, and a little more than 1,000 baby boomers between the ages of 48 and 66. Over half of young adults referred to debt as their "biggest financial concern currently." That same 50% are currently saving for retirement while the other half plans to start by the age of 30.
"I am glad to see about half already saving for retirement, but we're also seeing that half of this generation has not started to save and is putting it off until the 30s," said Karen Wimbish, director of Retail Retirement at Wells Fargo.
When respondents where asked about personal savings almost 90% saying that they don't have "enough money to start saving" with another 80% stating they want to pay down debt first. Other interesting pieces of information detailed in the survey include:
- 64% of those survey respondents paid for college by taking out loans.
- 52% aren't confident in the stock market as an investment vehicle for retirement.
- 31% feel starting work immediately instead of going to college and paying tuition would have been a better option.
- 75% still believe pursuing a career at a company is the best way to get ahead financially.
- Approximately 3 out of 4 believe financial education should be taught in high school, college and by parents.
- 29% cited access to a retirement plan offered by their work as motivation for saving.
Saving for retirement and paying down excessive debt can mean the difference between financial security or economic ruin. Young adults find out, often too late, that financial decisions made early in life tend to have long lasting effects.
