Three years ago I became involved in developing a program called The iOMe Challenge aimed toward Millennials and increasing their financial literacy skills along with creating awareness about the importance of saving for retirement. On a personal level I am deeply concerned about how this next generation will deal with the amount of debt this country has and how they deal with their own personal financial situations.
The iOMe Challenge conducted a national survey of Millennials and finances. The survey will be released in several executive summaries covering topics such as financial behavior, financial education, political views, and social security. You can view the first executive summary here:
The poll shows the generation of younger adults isn’t confident in the country’s financial future, or current political leaders.
The poll was conducted with people between the ages of 18 and 29, or so-called “Generation Y.”
Only 22 percent believe President Obama is up for the task. That compares to the 14 percent who believe congressional Republicans can do the job. 12 percent trust Democrats in congress, and 37 percent aren’t sure who can handle the issue.
My hope is that this generation will have a more encouraging answer to the question of financial security during retirement. When Gallup surveyed not-yet-retired Baby Boomer Americans and asked them if they anticipated having enough money to retire “comfortably” when the time came for the first time this decade, a majority of non-retired Americans doubt they will have enough money to live comfortably once they retire. According to 2009 Gallup’s Annual Economic and Personal Finance Survey:
52% of Baby Boomers will not have enough money to comfortably retire. But what about Millennials and their views on finances that will shape their own financial futures?
The survey also showed that 46 percent are very concerned about the financial situation in the country, as well as their own personal financial future.
iOme Challenge is a national think tank focused on challenging college students to change the world by investing in their future today. The organization is working to engage young people to understand our financial problems and find creative ways of solving them. It also encourages them to save for their future retirement. You can view past winning essays and 60 second video clips that provide thoughts and ideas about what millenials think and what changes they are proposing to help our countries financial crisis at www.iomechallenge.org
