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Adults Under 30 Are Still Broke

ADULTS UNDER 30 ARE STILL BROKE THE FUTURE IS BRIGHT Or at least people under 30 think it is! 76.5% 80% When considering income, savings, and debt, only 12% expect to achieve the SAME or a GREATER degree of financial believe their financial situation will improve in the next 5 years are currently very satisfied with their financial situation success as their parents MANY ARE IN DEBT: 46% 42% 30% have student loan debt have credit card debt have auto loans the average debt: $29,337.13 $2.702.55 $5.310.87 DEBT HAS THIS GENERATION'OFF TO A BAD START 1 in 5 43% 44% of adults under 30 are of 20-somethings earn less than $25,000 a year of recent college graduates are underemployed living in their parents' home UNDER 30'S ARE TOO YOLO WITH THEIR MONEY Fun Fact: Since 2010, the hashtag YOLO lifestyle choices (like bar- hopping with friends rather than starting an emergency fund) sabotage your chances of getting ahead has been used 20 million times on Twitter THE DECK IS STACKED AGAINST CONSUMERS Meanwhile, we spend only $2 PER PERSON on financial education In America, companies spend $54 PER PERSON to market credit cards, car loans, and mortgages products 3/4 of financial education spending comes from private sources 49% 60% 56% of adults under 30 say they know very little about how to manage their finances of adults under 30 contributed save 5% or less of their to a retirement account (401k or IRA) in the last year gross income per month HOW CAN ADULTS UNDER 30 TURN THINGS AROUND AND ACHIEVE THEIR DREAMS? TIPS TO GET YOU STARTED: 1. Spend less than you make 2. Contribute to your 401(k) 3. Kick-start your savings If you stashed $50 a month under your mattress for 30 years, you would end up with Hard to do? Get a side hustle! Find a part-time job or start freelancing after hours A 22-year old earning $40,000 puts 10% into 401(k) with a 3% match from employer $18,000 Earns up to $1.7 million by age 65 [8% avg earnings] If you invested it and earned 5%, you would end up with just over II||| III|| III|| III| II||| III|| пнн $40.000 A 20-SOMETHING HAS AN AVERAGE OF: AMONG MONEY UNDER 30 READERS, AVERAGES JUMP TO: $6.673 in cash $11.400 in cash $7,127 in retirement savings $28,900 in retirement savings $12.770 in other investments $3,176 in other investments Sources 1032 MONEY UNDER 3S DEVELOPED BY NOWSOURCING

Adults Under 30 Are Still Broke

shared by NowSourcing on Mar 07
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If you're under 30 in America today, chances are you're pretty broke. But does it have to be that way?


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