Today, Fox Business got on the horn and revealed some ‘startling’ statistics about ‘today’s young people’ not saving enough money.
Of course the horrible job market they just stepped into and the financial crisis caused by decades-old home lending policies might have something to do with that? Get our take on the video after the jump…
Alexis Glick, while sitting comfortably on that big couch, claims Gen Y isn’t saving for their financial futures. Which leads me to ask, how exactly is saving for our financial futures different from saving from our real life futures? Does a treasure trove of warm hugs and emotional support not equate to a balanced portfolio these days?
We here at WSF feel your pain on this. That’s why we’ve got your back with some helpful tips on Making Smart Money Moves After College and don’t forget about our guide to How Much You Should Save Each Year. (here’s a hint: 10%)
Those two quick posts will give you a good start. I still don’t buy Susan Menke’s suggestion that all 20-somethings need a financial advisor. All roads to being smart with your money don’t go through some old guy’s office with a green banker’s lamp on his desk.
I have even less faith that someone advising my parents on their retirement savings is going to have the right frame of mind for what I want to do with my money in the short-term.
Fox Business: Gen Y Not Saving? May 23, 2008