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Key Points:
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80% of Americans ages 18 to 34 view themselves as struggling in life or merely surviving.
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72% of Americans ages 18 to 34 expect to be thriving financially in five years.
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79% of Americans ages 18 to 34 expect to be thriving financially in 30 years.
A recent survey found that 80% of Americans ages 18 to 34 view themselves as merely surviving or struggling in life. However, the survey found that 72% of Americans ages 18 to 34 expect to be thriving financially in five years.
Let’s explore how young Americans feel about their financial futures and how you can take action to set yourself up for a bright financial future.
72% of Americans ages 18 to 34 expect to be thriving financially in five years. That number jumps to 79% when looking 30 years into the future.
Young Americans Are Optimistic About Their Financial Future
It’s no secret that we are living through financially tumultuous times. We’ve seen a volatile stock market, felt the pinch of sky-high inflation rates, and lived through the relentless push of higher interest rates over the last few years. But all of this has done little to dampen the financial hopes of young Americans.
According to the survey conducted by Edward Jones and MIT’s AgeLab Next360, 72% of Americans ages 18 to 34 expect to be thriving financially in five years. That number jumps to 79% when looking 30 years into the future.
Overall, the survey captures an upbeat perspective from young Americans thinking about their financial future. But their current situation is less than ideal. The majority of people in this age group view themselves as struggling or just surviving in life.
How to Create a Bright Financial Future
If you are a young American who is optimistic about your financial future, that’s a great place to start. And you are right, it is absolutely possible to create a bright financial future for yourself in the years and decades ahead.
You can start taking action now to lay the groundwork for a financially stable life. Below are some ways you can get started:
- Take stock of where you are: It’s difficult to move forward until you understand where you stand. Create a list of all your assets, like cash and vehicles, and your liabilities, like student loans or credit card debt.
- Set financial goals: With a clear picture of where you currently stand, it’s time to set financial goals that align with your envisioned future. A few common financial goals include building emergency savings, saving for a vacation, and paying off debt.
- Pay off debt: If you have debt, make a plan to pay it off. For those with high-interest credit card debt, consider a debt consolidation loan to streamline your repayment process while minimizing your interest payments.
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- Build emergency savings: An emergency fund offers a safety net for when life throws unexpected expenses your way. Most experts recommend saving between three to six months’ worth of expenses in an emergency fund. It’s a good idea to tuck these savings into a high-yield savings account to put your funds to work.
- Save for the future now: Saving for retirement might be the last thing on your mind. But saving for retirement early can help you build a solid nest egg for your golden years. Consider contributing to your retirement funds each month. Even if it’s only a small amount, it can add up quickly.
The Bottom Line
Young Americans are optimistic about their financial futures. If you are upbeat about your own financial future, it’s time to take action to turn your expectations into a reality.
One of the best places to start is by building your savings. Regardless of how much you are able to save, even one dollar at a time, those dollars can help you build a better financial future. If you are starting to grow your savings, consider opening a high-yield savings account today.
Article Topics
Debt Consolidation
Sarah Sharkey is a personal finance writer with a Master's in Management from the Hough School of Business at the University of Florida. She enjoys helping people make better financial decisions and has written for numerous personal finance publications, including Money Under 30, Business Insider, and The College Investor. Sarah enjoys traveling, hiking, and reading when she is not writing.
