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CU System
Survey Cash beats romance for 18-24 year olds
LONDON (10/14/08)--Credit unions might want to note the findings of a recent survey that indicated almost 90% of 18-24 year olds care more about money than romance. Global research firm Synovate released the findings last month from its 2008 study which was conducted on young people between the ages 18-24 across 26 different markets. The survey sought to find out the truth behind some popular misconceptions surrounding young people, including finances, according to Julian Rolfe, global manager, Syndicated Youth Research. The findings showed that 18-24 year olds are more pragmatic than they are given credit for. More than half of the 12,000 young people surveyed expressed their concern to some extent about their economic situation, with 24% saying they are worrying about it a lot. And 87% revealed that money was an important, if not very important factor for them, outweighing love and romance. What could be a contributing factor is that young people actually have very little disposable income to begin with--39% having less than $50 a week to spend. Less than 10% have over $250 per week, the survey indicated. Almost half have less than $16 to spend a week on clothing. And 84% spend less than $16 per week on music. Further, 76% spend only $16 a week on music. More than two-thirds spend that same amount per week on their mobile phone bill. The survey also asked if young people gave much thought about their future plans. The survey indicated 35% would like to be financially independent by the ages 22-24, 28% by the ages 25-30, and 10% by the ages 18-21. And 17% stated that they are already financially independent.
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