Half of Young Adults Say They Don’t Save

What's Hot


2 Types of Black Marks Might Vanish From Your Credit File SoonBorrow

6 Ways the Obamacare Overhaul Might Impact Your WalletInsurance

7 Dumb and Costly Moves Homebuyers MakeBorrow

This Free Software Brings Old Laptops Back to LifeMore

Obamacare Replacement Plan Gets ‘F’ Rating from Consumer ReportsFamily

Beware These 12 Common Money MistakesCredit & Debt

21 Restaurants Offering Free Food Right NowSaving Money

17 Ways to Have More Fun for Less MoneySave

House Hunters: Beware of These 6 Mortgage MistakesBorrow

30 Household Uses for Baby OilSave

25 Ways to Spend Less on FoodMore

Nearly Half of Heart-Related Deaths Linked to These 10 Foods and IngredientsFamily

5 Surprising Benefits of Exercising Outdoors in WinterFamily

10 Ways to Save When You’re Making Minimum WageSave

Boost Your Credit Score Fast With These 7 MovesCredit & Debt

7 Painless Ways to Pay Off Your Mortgage Years EarlierBorrow

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

The True Cost of Bad CreditCredit & Debt

10 Companies With the Best 401(k) PlansGrow

This Scam Now Tops ID Theft as the No. 2 Consumer ComplaintFamily

6 Stores With Awesome Reward ProgramsFamily

6 Ways to Save More at Lowe’s and The Home DepotSave

6 Healthful Treats for Your DogFamily

New Study Ranks the Best States in the U.S.Family

Thousands of Millionaires Moving to 1 Country — and Leaving AnotherGrow

Strapped for College Costs? How to Get the Most From FAFSABorrow

6 Overlooked Ways to Save at Chick-fil-AFamily

Ask Stacy: What’s the Fastest Way to Pay Off My Mortgage?Borrow

Where to Sell Your Stuff for Top DollarAround The House

8 Ways to Get a Good Price on a Shiny New AutoCars

Ask Stacy: How Do I Start Over?Credit & Debt

Secret Cell Plans: Savings Verizon, AT&T, T-Mobile and Sprint Don’t Want You to Know AboutFamily

30 Awesome Things to Do in RetirementCollege

14 Super Smart Ways to Save on TravelSave

The Rich Prefer Modest Cars — Should You Join Them?Cars

You’ll Soon Pay More to Shop at CostcoSave

10 Ways to Save When Your Teen Starts DrivingFamily

Nearly all of the non-savers say they don't make enough money to start saving, or want to pay down debt first.

Most grads are surprised by the amount of debt they rack up in college, we wrote recently. Now another new survey says debt is the top financial concern for most young adults, topping day-to-day expenses and saving for retirement.

Wells Fargo released a survey of more than 1,400 adults between ages 22 and 32, and more than 1,000 baby boomers between ages 48 and 66. More than four in 10 young adults said their debt is “overwhelming” — double the rate of baby boomers who said so.

Just over half (51 percent) of young adults said they had not started saving money, even though 61 percent claimed they were “savers.” Those not saving yet said they plan to start by a median age of 30.

When the non-savers were asked what’s stopping them, 87 percent said they don’t have enough money to start saving or want to pay down debt first. Here’s what else they said:

  • 31 percent believe they would have been better off skipping the expense of college and going straight to work.
  • 64 percent said they financed college with loans.
  • More than 70 percent said personal finance should be taught in high scool and college, and most wished they had learned more about investing, savings and loans.
  • 52 percent are not confident the stock market is a good place to invest.
  • 25 percent said the best way to get ahead financially is to start a business.
  • Among those saving, a third said their motivation was the chance to build a bigger nest egg.

We have lots of advice on saving and investing; that’s what we’re all about. If you’re not sure where to start, check out the links below.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!

💰🗣📰

Read Next: Considering a Fixer-Upper? 15 Ways to Avoid a Money Pit

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 2,090 more deals!