Here are some thoughts Gen Y has about money:
- 30% of eighteen to twenty-five-year-olds say debt and finances are the most important problems they face.
- 73% say they have received financial assistance from their parents in the past year.
- $19,000 is the average debt a student will carry when they leave college.
- 65% of college students are forced to borrow money for their education.
- 52-55 is the average age a student will be if they spread out their college loan for thirty years.
- <1/3 of Y’s age eighteen to twenty-five who are eligible for a 401(k) or similar savings plan are actually participating in them.
- $3,200 is the average amount Y’s have saved in their 401(k)s.
- 44% of Y’s would choose a job for money versus choosing work to pursue their passions.
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