SOURCE: LifeTuner

November 18, 2009 08:00 ET

Money and Finances Are Young Adults' Biggest Concerns

New Research From LifeTuner Reveals That Financial Concerns Are Pervasive in Every Aspect of Young People's Lives

WASHINGTON, DC--(Marketwire - November 18, 2009) - LifeTuner, a free online personal finance community for young adults, recently released a survey that suggests that young adults' reluctance to discuss money with friends and family could have a negative impact on their financial futures. The report, entitled "Personal Finances: The Final Frontier of Social Media," is based on a national survey of 1,002 young adults (aged 18-34). Specifically, the report revealed:

--  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
--  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.
--  Young adults are more likely to discuss relationship status (61%),
    politics (43%), their health (23%), and their weight (20%) than their
    financial situation on social networking sites (e.g. Facebook).

LifeTuner was created specifically to help young adults solve these challenges, arming them with the resources and advice to improve their financial literacy and deal with the money-related challenges they face today. By combining free expert counsel with advice and shared stories from peers, LifeTuner makes money management accessible, relatable and inclusive. LifeTuner is free of advertising and designed to offer unbiased financial advice and guidance.

LifeTuner provides a series of tools and calculators designed to help balance budgets, itemize spending and pay down debt. Included in these tools is a "cost of credit" application that demonstrates the actual cost -- including interest accumulated over time -- of items purchased using credit. The site also includes "8 habits" for long-term financial health; simple, easy-to-follow rules that show how anyone can start building their financial future.

"College should be one of the best periods of a young person's life, but unfortunately concerns about finances can sometimes mean just the opposite," said Diane Ty, Senior Vice President, AARP. "One of the reasons we created LifeTuner was to demonstrate that making little changes in your financial life -- using cash instead of credit, borrowing wisely -- can have enormous benefits down the road."

Created and sponsored by AARP, LifeTuner encourages an intergenerational dialogue around finances, career and other money-related life concerns. AARP members are able to promote financial literacy and give back to the community by sharing their life lessons and experiences through LifeTuner's "Been There" forum.

LifeTuner, which is currently in open beta, is freely accessible to the public at Key findings and a full copy of the report are available here.

Survey Methodology

The survey was conducted by Greenberg Quinlan Rosner from August 29-September 10, 2009; using a multi-modal design that included cell phone, random-digit-dial landline, and online samples.

About LifeTuner

LifeTuner is a not-for-profit, online personal finance site that brings together practical, unbiased advice from volunteer financial experts with a community of peers and individuals who've been there before -- all of whom can share their experiences and learn from each other. It offers tools, tips, articles and real-life stories and also features "8 habits," a proven set of behaviors that can help anyone greatly improve their chances of achieving strong financial health. LifeTuner is sponsored by AARP. For more information please visit

About AARP

AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. AARP does not endorse candidates for public office or make contributions to either political campaigns or candidates. We produce AARP The Magazine, the definitive voice for 50+ Americans and the world's largest-circulation magazine with over 33 million readers; AARP Bulletin, the go-to news source for AARP's nearly 40 million members and Americans 50+; AARP Segunda Juventud, the only bilingual U.S. publication dedicated exclusively to the 50+ Hispanic community; and our website, AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.

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