The future is bright for the 20-something crowd—or at least people under 30 seem to think it is! About three in four do believe their financial situation will improve in the next five years. When considering income, savings and debt, however, only 12 percent are currently very satisfied with their financial situation. Many are in debt—46 percent have student loan debt, which has bloated to $29,337 in average size.
It’s the debt that has this generation off to a rough start. One in five adults under 30 are still living in their parents’ home; 43 percent of 20-somethings earn less than $25,000 a year; and 44 percent of recent college grads are underemployed. Those under 30 are still too YOLO with their money. YOLO (you only live once) lifestyle choices (like bar-hopping with friends rather than starting an emergency fund) can sabotage anyone’s chances of getting ahead. Over half of adults under 30 say they know very little about how to manage their finances.
So, how can adults under 30 turn things around and achieve their dreams? It’s not that difficult really—they should spend less than they make, contribute to their 401(k), and stash at least some money away into savings. Even saving just $50 a month can make a big difference.
For more detailed tips on how to save money and get ahead, check out the full infographic below.