About Half of Gen Yers Have No Savings, Study Finds
They may be among the most tech-savvy group ever to enter the work force. But Generation Y adults have the weakest financial literacy skills among any age group, a new study found.
And almost half of Americans between the ages of 18 and 34 have no savings.
The survey released by the National Foundation for Credit Counseling, which polled 1,000 adults nationwide in March, found 47% of Gen Y adults gave themselves Cs, Ds or Fs in personal finance skills such as budgeting and effective savings. They also were the ones mostly likely, among working age adults, to be putting no money toward retirement.
Experts fear that will leave them ill prepared when the first of Gen Y turns 62 in 2039, the year that some actuarial models have estimated the Social Security trust fund will be exhausted unless changes are made.
[Source: Sun-Sentinel]
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