Friday, September 29, 2023

Survey shows that more than 40% of young adults in the US live paycheck to paycheck

According to a report by the TIAA Institute and the AgingWell Hub at Georgetown University, most young adults in the United States feel empowered to address global issues such as climate change and social injustice, but They are less optimistic about their own financial future.

With a possible recession, more global activism is on the riseIn the report, “The Personal and Global Perspectives Survey of Young Adults,” Generation Z and the youngest millennials, aged 24 to 35, were consulted.

Test results:

, More than half (56%) feel they have a role to play in solving global problems Such as climate change, social injustice and political division.

But when it comes to your finances:

· He 42% say they live paycheck to paycheck
51% say Don’t expect to do as well financially as your parents
only 33% say so Can handle any major unexpected expenses

,Many young people are pessimistic about their financial future, We are indebted to them for supporting their financial well-being and helping them achieve retirement security so that they can take on the world well beyond their youth,” said Surya Kolluri, Director, TIAA Institute.

“around 20% of them use social media as a reliable source of information for retirement planning, but there are more proven ways for young employees to get help. Kolluri said they should look for financial advisors to design plans that meet their short- and long-term needs.

The survey also showed some encouraging statistics:

More than half of the people surveyed (54%) expect or want to retire fully at a given moment
more than one third (36%) say saving for retirement is one of their top three goals financial
nearly three out of four young adults (72%) indicate they are saving in a retirement planEither through their place of employment (48%), one they bought themselves (13%), or both (11%).

“The sooner young people start saving for retirement, The longer it takes for their money to grow, the better they feel about their financial futuresaid Jean de Cervantes, director of AgingWell Hub. “We can’t let people resign so early in their careers with the thought that they won’t do as well financially as their parents. We need employers, community groups and others to step up and help young Show employees how they can plan and move forward.”

For more information about the survey, click here.

keep reading:
Survey shows nearly half of US workers experience financial stress
Survey shows Americans have little confidence in managing their finances
Americans revert to bad credit card habits and accumulate record debt

(tags to translate) the economy

World Nation News Desk
World Nation News Desk
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