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.
- The most popular jobs in America
- How much did President Obama donate to his...
- How to rear money-smart kids
- Obamacare may not be as expensive as we thought
- Which county in Utah has the least poverty?
- Balancing act: French ban on after-hours...
- The dangers of financially illiterate...
- What increasing rent costs mean for the urban...
- How much did President Obama donate to... 44
- The dangers of financially illiterate... 30
- Obamacare may not be as expensive as we... 21
- Balancing act: French ban on... 9
- U.S. 'tax freedom day' is 3 days later... 4
- What increasing rent costs mean for the... 3
- Photo gallery: Students learn the ABCs... 2
- College football, basketball athletes... 2