What's in a youth's wallet? Young people set higher priority to savings

Published: Monday, Dec. 3 2012 9:40 a.m. MST

Young people may be more financially literate because of their views of savings accounts versus other age groups.

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Young people may be more financially literate because of their views of savings accounts versus other age groups, according to an article by Bankrate.com.

When it comes to a savings account, 18- to 29-year-olds are more likely to pick that as their top priority. One quarter of this group put savings as top priority compared to the 9 percent who prioritized savings from the over-65 age group.

Sugato Chakravarty, the head of the department of consumer sciences and retailing and a budgeting professor at Purdue, said he thinks this comes from the emphasis on financial education that students receive. He has seen a change in those he has taught over the last 15 years.

"If I had to make a generational statement, my sense just from the data I have is that younger people, thanks to these types of classes, are much more cognizant (of personal finance issues) than the slightly older population that may not have been as thoroughly drilled while they were in college," he said.

EMAIL: alovell@deseretnews.com

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