WASHINGTON (11/6/13)--Credit unions could make inroads with young adults by offering additional age-specific financial education and savings plans. That is the age group most interested in trying to save, according to a recent survey.
The survey--released by America Saves, a non-profit research institution that encourages saving--said that young adults between the ages of 18 and 35 rate themselves as showing the highest amount of interest and putting the most amount of effort into saving money.
When asked to rate their own interest and effort on a 10-point scale, 77% of the young adult cohorts reported an interest in saving, while 66% claimed to make an effort to save money.
The survey indicated what appears to be an inverse relationship between age, and both interest and effort in saving, although all age groups reported having a higher interest in saving money than the effort they are currently putting into it.
Among the findings:
Respondents ages 35-44 rated their own interest at 73% and effort at 61%;
Those ages 45 to 54 rated their interest at 73% and effort at 64%;
People between 55 and 64 rated their own interest at 68% and effort at 61%; and
Those ages 65 and older rated their own interest at 56% and effort at 53%.
There also appears to be a direct correlation between income, and respondents' interest and effort effectiveness with regard to saving money.
America Saves said that the "surprising" revelations about age could indicate a generational anxiety about the 2008 financial crisis, the recession that followed and the long-term viability of Social Security.
The organization polled more than 1,000 Americans for the survey.