-- 57% of young Americans consider their financial situation to be the
biggest concern in their lives.
-- 66% rate their own financial situation as fair to poor, and almost
half (43%) expressed concerns about their ability to make sound financial
decisions.
-- Nearly eight out of ten young people (78%) have debt of some kind.
Credit card debt (36%) -- considered "bad debt" by most financial
experts -- is by far the most prevalent form.
-- 68% of respondents admit that finances have caused stress in a
relationship or friendship.
-- Young adults are more likely to discuss relationship status (61%),
politics (43%), their health (23%), and their weight (20%) than their
financial situation on social networking sites (e.g. Facebook).
LifeTuner was created specifically to help young adults solve these
challenges, arming them with the resources and advice to improve their
financial literacy and deal with the money-related challenges they face
today. By combining free expert counsel with advice and shared stories from
peers, LifeTuner makes money management accessible, relatable and
inclusive. LifeTuner is free of advertising and designed to offer unbiased
financial advice and guidance.
LifeTuner provides a series of tools and calculators designed to
help balance budgets, itemize spending and pay down debt. Included in
these tools is a "cost of credit" application that demonstrates
the actual cost -- including interest accumulated over time -- of items
purchased using credit. The site also includes "8 habits" for long-term
financial health; simple, easy-to-follow rules that show how anyone can
start building their financial future.
"College should be one of the best periods of a young person's life, but
unfortunately concerns about finances can sometimes mean just the
opposite," said Diane Ty, Senior Vice President, AARP. "One of the reasons
we created LifeTuner was to demonstrate that making little changes in your
financial life -- using cash instead of credit, borrowing wisely -- can
have enormous benefits down the road."
Created and sponsored by AARP, LifeTuner encourages an intergenerational
dialogue around finances, career and other money-related life concerns.
AARP members are able to promote financial literacy and give back to the
community by sharing their life lessons and experiences through LifeTuner's
"Been There" forum.
LifeTuner, which is currently in open beta, is freely accessible to the
public at www.LifeTuner.org. Key findings and a full copy of the report are
available here.
Survey Methodology
The survey was conducted by Greenberg Quinlan Rosner from August
29-September 10, 2009; using a multi-modal design that included cell phone,
random-digit-dial landline, and online samples.
About LifeTuner
LifeTuner is a not-for-profit, online personal finance site that brings
together practical, unbiased advice from volunteer financial experts with a
community of peers and individuals who've been there before -- all of whom
can share their experiences and learn from each other. It offers tools,
tips, articles and real-life stories and also features "8 habits," a proven
set of behaviors that can help anyone greatly improve their chances of
achieving strong financial health. LifeTuner is sponsored by AARP. For more
information please visit www.lifetuner.org.
About AARP
AARP is a nonprofit, nonpartisan membership organization that helps people
50+ have independence, choice and control in ways that are beneficial and
affordable to them and society as a whole. AARP does not endorse candidates
for public office or make contributions to either political campaigns or
candidates. We produce AARP The Magazine, the definitive voice for 50+
Americans and the world's largest-circulation magazine with over 33 million
readers; AARP Bulletin, the go-to news source for AARP's nearly 40 million
members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S.
publication dedicated exclusively to the 50+ Hispanic community; and our
website, AARP.org. AARP Foundation is an affiliated charity that provides
security, protection, and empowerment to older persons in need with support
from thousands of volunteers, donors, and sponsors. We have staffed offices
in all 50 states, the District of Columbia, Puerto Rico, and the U.S.
Virgin Islands.
Contact Information: Alejandra Owens AARP Office: (202) 434-2560 Email: asowens@aarp.org Nicole Wasowski LEWIS PR for LifeTuner Office: (415) 992-4400 Email: lifetuner@lewispr.com