Young People’s Money Fears at Odds with Optimistic Outlook

Students are of a conflicted nature when it comes to the economic present and their hopes for the future, according to an Associated Press-Viacom survey of young adults ages 18-24 with a household income of less than $50,000. Having come of age in the recession, they seem to have no illusions about the challenging economic situation. Three-quarters described the economy as poor. Forty-two percent said they do not have a job.
Compared to their parents, more than half (56 percent) said it would be harder to buy a house, 53 percent anticipated challenges in saving money for retirement, forty-two percent said it would be more difficult to raise a family, and 45 percent anticipate difficulty earning enough money to support the lifestyle they would like to lead.
More than half (53 percent) said there were things they wanted to buy but couldn’t afford, while 65 percent worry either a lot or a little about having enough money to make it through the week.
The financial concerns of investors under 50 with a net worth between $100,000 and $1 million (not including primary residence) could be a further reality check, according to Spectrem Group research. They are most likely to be concerned about maintaining their current financial position, saving enough for retirement, and retiring when they want. They are also more likely than investors in the higher Mass Affluent wealth levels to be worried about financing their own children’s college education, loss of job for them or their spouse, and being able to meet short-term financial obligations.
But the young adults in the AP-Viacom survey seem to bear out the maxim that money cannot buy happiness. Eighty-seven percent describe themselves as happy, while 90 percent said they are either very confident or somewhat confident that they will find a career that will bring them happiness.
Ah, youth.