AARP‘s LifeTuner program released a survey demonstrating money and finance as the biggest concern in the lives of young adults and the negative impact it might have on their financial futures due to their unwillingness to discuss the matter with friends and family. The report, titled “Personal Finances: The Final Frontier of Social Media,” was based on a national survey of 1,002 young adults ages 18-34. The report revealed the following:
– 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.
With these findings AARP decided to create LifeTuner.org, a new online community which offers unbiased financial advice, resources and information and financial to young adults free of charge. By providing an interactive community of their peers, LifeTuner makes personal finance easily available and comprehensive providing a series of tools and calculators intended to help balance budgets, itemize spending and pay down debt. The site also includes “8 habits” for long-term financial health; simple, easy-to-follow rules that demonstrate how anyone can begin building their financial future.
“The findings of this report perfectly illustrate the reasons why LifeTuner was created,” said Diane Ty, AARP Senior Vice President. “We worked closely with over 400 young adults who helped us shape the vision and content of LifeTuner. Our aim is to demonstrate to young adults that many of the financial decisions made in their 20s and 30s, particularly those around saving for the future and avoiding harmful debt, can affect the rest of their lives.”
LifeTuner has been working closely with both The American Institute of Certified Public Accountants (AICPA) and the Certified Financial Planner Board of Standards (CFP Board) to have their members join the LifeTuner community as volunteer experts to provide as much useful financial advice as possible.
“The AARP and the AICPA Feed the Pig campaign share an important goal: to remind tomorrow’s younger Americans that long-term financial security begins today, when they are busy establishing their place in the world,” said Jordan Amin, CPA and chair of the AICPA’s National CPA Financial Literacy Committee. “LifeTuner is a welcome addition to all of us working to increase all Americans’ financial literacy.”
“With the country still feeling the effects of the economic downturn, now is the time for everyone – regardless of financial status or acumen – to re-evaluate their approach to money management,” said Eleanor Blayney, CFP(R), Consumer Advocate at CFP Board. “Young adults are a key factor of this equation and our membership is extremely excited about joining and supporting LifeTuner’s effort.”
LifeTuner, is currently in open beta and is accessible freely to the public at www.LifeTuner.org.
For a copy of the full report, visit http://www.lifetuner.org/pressroom.
Survey Methodology
The survey was conducted by Greenberg Quinlan Rosner from August 29-September 10, 2009, using a multi-modal design that included cell phone, random-digit-dial landline, and online samples.
About AARP
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world’s largest-circulation magazine with over 33 million readers; AARP Bulletin, the go-to news source for AARP’s nearly 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP.org. AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
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