Survey: young adults think about "now" and hope for the best

As we prepared to launch our My Money Color program for young adults, we wanted to know more about their attitudes toward money and investing. This past summer, we engaged a survey company to interview more than 400 people ages 20 to 30.

Here's what we found:

Not surprisingly, most young people are not focused on money as much as on enjoying their social lives.

• More than half the respondents (55%) value their social life over financial success.
• Very few respondents (14%) consider the incomes of potential partners when evaluating their compatibility.
• More respondents categorized their approach to money and life as "creative" (38%), verses careful (28.6%), diligent (22.7%) or emotional (9.4%).
• Only 21% responded that they are more concerned with money than their parents.

When it comes to anticipating future financial success, most young people have unrealistic expectations.

• The majority (73%) responded that they are confident about their financial decisions. At the same time, almost contradicting this confidence, 63% are worried about general money matters.
• The respondents believe that their standard of living will be either higher or the same as their parents (92%), yet many lack the financial discipline to amass wealth because most consider themselves spenders (57%) instead of savers (43%).
• Only half reported being concerned about their standard of living in retirement.

The survey results confirmed the need to help young adults better understand their attitudes about money, and use that knowledge as a foundation for actions that will lead to wise financial decisions. That is the basis for the My Money Color program.