Are Younger Adults More Gung-Ho About Saving Than Their Parents?

Are Younger Adults More Gung-ho About Saving Than Their Parents? According to the U.S. New Consumer Monitor, a survey conducted by Ipsos Public Affairs, younger adults today are more ambitious and optimistic about their finances than their older counterparts. We decided to dive into the data and in doing so, discovered some interesting things. Are you financially optimistic for 2011 like the American youth, or gloomy like most of the older generation? Youthful Optimism The younger generation, 18 - 34 years of age, are considerably more optimistic about 2011 than the older generation: Percent of Americans who are generally more optimistic about 2011 vs. 2010: Percent of Americans who are making a resolution to save money in 2011: Age 54% 45% 41% (61% Total 27% 23% 70% 18-34 Age 18-34 35-44 45-54 55-64 65+ 55% Young Americans are twice as likely to save money this year than their parents and grandparents. 35-44 Percent of Americans who are making a resolution to manage their finances 56% better in 2011: 45-54 - 36% 57% 27% 55-64 23% 21% 17% 57% 65+ Age 18-34 35-44 45-54 55-64 65+ Optimism 0% 10% 20% Percentage 30% 40% 50% 60% 70% 80% 90% 100% Young Americans Have Critical Financial Obligations Perhaps the reason why younger Americans are more likely to be proactive when it comes to their finances, is because they have more important financial obligations, including purchasing a home and paying down student debt. FIRST-TIME HOME BUYERS 42% of home buyers in 2010 were between the ages of Those who were 65 and over 28-34 represented just 1 percent of first-time home buyers in 2010. <30 =30- >30 21% of home buyers in 2010 were 55+ In 2010, the median first-time homebuyer's age was 30 The Top Financial Resolutions For Americans in 2011 A Country of Resolve In regards to personal finances, here is the percentage of Americans who have made the following resolutions for 2011: Americans have also given their thoughts on what the U.S. Government should resolve to do in 2011: Made a resolution Didn't make N/A a resolution 32% 16% 24% 20% 3% 3% 10% 20% Fix Finance I Reduce Debt I Balance the Budget 24% 7% 36% 23% 15% 31% 37% 31% 35% Create Jobs | Reduce Unemployment 12% Reduce or end involvement in Iraq & Afghanistan Schedule more Automatic Payments for Bills Take Control of Credit Card Debt 9% Use a Debit Card rather than a Credit Card Avoid Buying Big-ticket Items like Cars, Firniture or major appliances Reduce Poverty I Help Those in Need Develop a Personal or Family Budget Pay Down Debts 8% Spend Less Save More Money Bring Peace to the World I Middle East credit sesame Sources: Ipsos Public Affairs, Slate with Blueprint, NAR Report www.creditsesame.com