Young People Getting Serious About Their Financial Future
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Fuse/Thinkstock(NEW YORK) — Think all young people are concerned about these days is their phones and social networking? Think again.
A TD Ameritrade survey of 2,000 people ages 15 to 24 suggests that this age group is more attuned to what their prospects are for the future with many deeply worried about the employment picture and the economy in general.
The poll found the biggest concern is with jobs, although the number dropped from 34 percent last year to 25 percent, suggesting the employment picture is brightening somewhat.
Carrying college loan debt well into adulthood is another major worry, cited by 44 percent of the respondents.
Looking far ahead, young Americans are increasing scared that Social Security will be a thing of the past by the time they reach their golden years. Forty-four percent feel this way, compared to 39 percent last year.
Contrary to what older people might believe, young Americans aren’t all that frivolous with money.
Fifty-seven percent say that saving is important to them with nine in ten claiming they would use a gift of $500 to pay down a debt or put the money into a savings account.
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