A new survey spearheaded by the deVere Group, a leading global entity in financial advisory, asset management, and fintech, provides insight into the financial worries of those under 30.
With over 750 respondents participating, the study sheds light on the evolving economic and technological challenges faced by this demographic.
Primary Financial Concerns
The primary financial concerns that emerged from the survey include:
Debt
An overwhelming 48% expressed anxieties related to student loans, credit card debt, and living expenses. Nigel Green, the CEO of deVere Group, highlighted, “The persistent weight of debt hampers young adults’ life choices, from career decisions to significant purchases.”
Income Insecurity
Economic unpredictability, changing job avenues, and rapid technological progress have led to 26% fearing inconsistent income.
Green observed, “Young adults, while trying to establish a strong financial base, often grapple with the shifting nature of employment, including the challenges of the gig economy.”
Retirement Fund Worries
The survey pointed out that 15% are concerned about securing a comfortable retirement, noting the challenges of setting aside sufficient funds in the present dynamic landscape. Green stressed, “Starting early with retirement savings and understanding the power of compound interest can be pivotal.”
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Impact and Solutions
Debt’s Dominance
Green emphasised a multifaceted strategy to address debt. This includes promoting financial education, encouraging responsible borrowing habits, offering tailored financial advice, and instigating policy changes to render education and housing more affordable.
Income Challenges in the Modern Era:
The survey found that many young adults, while navigating the modern employment terrain, confront challenges like inconsistent income. Adaptable skills, awareness of industry trends, and a resilient mindset are essential.
Early Planning for Retirement
Green urged the youth to initiate their retirement savings early, warning, “Postponing these savings could drastically increase the amount needed later, risking a financially insecure retirement.”
This survey highlights the unique financial challenges faced by the under-30 demographic in today’s ever-changing economic environment. The deVere Group, with its commitment to providing tailored advice, aims to empower these individuals with the knowledge required for well-informed financial decisions.
Green concluded by urging financial institutions, educators, and policymakers to respond to these legitimate concerns with targeted and effective strategies.
