Young Adults Optimistic About Financial Independence

August 29th, 2007 | Stacey | Residual Income, Debt Management, Passive Income, Multiple Streams of Income, Financial Freedom, Financial Independence

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Young adults seem to be optimistic about financial independence in their future, despite the country’s economic problems and their abilities to handle finances. A report detailing the State of America’s Financial Education revealed that two-third of young adults feel positively about their financial outlook.The report was conducted by NFO World Group and showed that 70 percent of young adults between 18 and 29 surveyed are confident about the ability to plan for their future financially. Over 60 percent of these young adults save money regularly and three-fourths had a checking or savings account.

However, financial literacy still needs to be taught to young adults. Less than a quarter of young adults have an understanding of how to invest in the stock market and most know little or nothing about IRAs or home mortgages. Less than half of young adults pay off their credit card every month and only 43 percent have put away money for tough times.

Despite the optimistic attitude of young adults, clearly it is necessary to teach basic lessons about money management such as how to get out of debt, saving money and investing money to gain passive income, residual income or multiple streams of income.

The outlook is bright for young adults and the future of our country if we continue to educate people about the value of financial independence and how to get it.