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Generation Y: National Leaders in Saving Money
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Tanisha Warner (713) 394-3202 |
Release Date: April 22, 2009 |
Money Management International Survey Shows 44% of Gen Y Are Saving More
Money Management International (MMI), the nation’s largest full service credit and debt counseling and education organization, released a survey with surprising findings: Generation Y is leading the nation in saving money. According to MMI’s 2009 Financial Literacy Survey, which measured current spending and saving trends in today’s indeterminate economic climate, 44 percent of Gen Ys are beefing up their savings accounts. Of the nation as a whole, 36 percent of Americans say they are saving more.
Generation Y, or those born in the 80s and 90s, have been a bit of a challenge for some older employers. Characterized by their sense of entitlement, casual clothes, Blackberries and high expectations, Gen Y has presented Generation X and Baby Boomer employers with the problem of managing and retaining them as employees. According to a recent USA Today article, Generation Yers don't expect to stay in a job, or even a career, for too long. They believe in their own self worth and value enough that they're not shy about trying to change the companies they work for or change jobs all together when they don’t feel challenged. However, regardless of generational differences, Gen Y exudes some admirable characteristics that are helping them navigate the current economic climate.
• Gen Y is educated and technologically savvy.
When asked the question of who is responsible for their own financial education, 33 percent of Americans claimed themselves as the responsible party. For tech-savvy Millennials, access to information-filled sites like www.financialiteracymonth.org and a slew of online budgeting and financial tools are helping to boost their brain power and their bank accounts.
• Gen Y is optimistic in the face of adversity.
Gen Y appears to believe in the power of positive thinking. The survey shows that this age range sees a silver lining around the current economic situation significantly more than other groups. The most frequently mentioned benefits derived from adversity are spending more time with family and friends, eating healthier and, of course, saving more money.
“Even in these tough economic times, remember to pay yourself first,” said Cate Williams, vice president of financial literacy at MMI. “Looking at your savings account as another bill that must be paid, may feel overwhelming when the bills are piling up, but you’ll be pleased with your decision if an emergency were to occur; after all – having a savings cushion could prevent a financial setback from becoming a financial disaster.” Williams suggests taking a cue from Gen Y by using online resources to your advantage. “They offer great tips and creative solutions for making your money stretch.”
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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