Education

AARP targets young adults with new site to teach money basics

AARP targets young adults with new site to teach money basics

LatinaLista — Think AARP, and well, young people certainly don't come to mind. But a new AARP initiative wants to change that.

The non-profit organization dedicated to the 50+ crowd wants to help 18-34-year-olds better manage their money and savings now, so that the "golden years" remain golden for them and their families. To do this, AARP has created the LifeTuner Initiative.

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The web site for the new initiative serves as a convenient one-stop site for questions on how to manage money, investing and the details of those life-changing financial decisions -- like how to buy auto insurance, what to look for in a mortgage when buying a house, how to find a legitimate charity -- all those kinds of decisions that hit young adults and their debit cards.

The site also offers forums about money and investing, along with, a "wealth" of information and software tools when it comes to credit and debt. The site also provides advice from experts on how to achieve a stress-free, debt-free life - hint, it has something to do with Benjamin Franklin.

Not to be missed on the site are the "8 Habits" of advice to take control of your money matters too.

As a way to launch LifeTuner, AARP officials released a new study titled Personal Finances: The Final Frontier of Social Media

Among the interesting findings are:

57% of young Americans consider their financial situation to be the biggest concern in their lives.
66% rate their own financial situation as fair to poor, and almost half (43%) expressed concerns about their ability to make sound financial decisions.

Nearly eight out of ten young people (78%) have debt of some kind. Credit card debt (36%) - considered "bad debt" by most financial experts - is by far the most prevalent form.

68% of respondents admit that finances have caused stress in a relationship or friendship.

Among those young adults who have sought advice online, 85% report being more confident about their ability to manage their finances.

But there is one finding that is the most startling of all. In this day and age, where we think no subject is off limits, it seems money still is.

While in many cases social media sites (e.g. Facebook) have lowered or eradicated the social boundaries around certain topics, finances remain a taboo subject. In fact, people are more likely to discuss relationship status (61%), politics (43%), their health (23%), and their weight (20%) than their financial situation.

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