Generation Y Is More Concerned About Managing Debt Than Saving For Retirement
Fidelity Investments recently conducted a study on how those from Generation X and Generation Y view and make decisions about money.
One of the most interesting findings was that almost 8 out of 10 respondents, when asked what keeps them up at night, indicated that money was their largest concern. Also, managing debt has become a more important goal than saving for retirement.
It’s clear from the press release that dealing with debt issues has become the primary obstacle in reaching other financial goals and it is only getting worse.
Those from Generation Y, born between 1976 - 1987, are entering early adulthood with more debt than ever before. They often enter the workforce straddled with credit card debt and student loans accumulated while in college. Goals related to saving for retirement, the down payment on a first home, or even for a wedding, are starting to take a back seat to controlling debt.
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to reign in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
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