Saving Takes Priority for Young Adults: Survey

Young adults have made saving a priority this year – ahead of losing weight, living healthier and other typical New Year’s resolutions – as financial concerns take a toll on their friendships and personal lives, according to a new survey by the American Institute of Certified Public Accountants (CPA) and the Ad Council.

The organizations released the results today, Jan. 5, to coincide with the launch of a new series of public service advertisements on behalf of their national Feed the Pig financial literacy campaign, which helps 25- to 34-year-olds take control of their finances and add saving to their daily lives.

According to the survey, nearly three in four young adults in the Feed the Pig demographic are worried more about personal finances because of today’s economy. Asked how those concerns are affecting them, almost half, or 48 percent, said they are socializing less with friends; 38 percent said they are losing sleep; 34 percent said they are distracted at work; and 31 percent said they are short-tempered with family and friends.

The majority want to get on stronger financial footing this year, with 94 percent of 25- to 34- year olds saying they are at least somewhat likely to make saving a priority, more than those who said the same about living healthier, 90 percent, or losing weight, 78 percent. Even so, almost four in 10, or 38 percent, said they have a hard time socking away even $25 a week.

Launched in 2006, Feed the Pig (www.feedthepig.org) offers help to 25- to 34-year olds focus on saving at one of the most important times in their lives – a time when they are making critical decisions about personal priorities, housing, family and debt.

Developed pro bono by agencies Turbine and Radioface after research to understand the concerns and goals of the target audience, the new ads feature iconic spokesman Benjamin Bankes delivering a key message: “Put away a few bucks. Feel like a million bucks.”

Feed the Pig campaign serves as an extension of 360 Degrees of Financial Literacy, a free resource of the CPA profession to educate Americans on how financial issues affect them at all life stages, beginning with childhood and extending through retirement.

The AICPA/Ad Council survey was conducted online by C&R Research Nov. 3-9, 2011 with a sample of 505 young adults, ages 25-34, from across the nation.

RMN News

Rakesh Raman