The average credit card debt balance:$4,088; the student loan average: $20,000, with an average of 24 percent of income going to overall debt payments.
Here is a quick overview of survey results.
· The median net worth of Americans in the 25 – 34 age group is significantly lower than it was 20 years ago, despite increases in income: In 1985, it was $6,788; in 2004, it was $3,746.
· The number of people in this demographic maintaining an interest-bearing savings account is declining, from 61 percent in 1985 to 47 percent in 2004.
· There is an increased willingness among Americans in this age group to acquire unsecured debt: The average level of debt in 1985 was $3,118, whereas in 2004, it climbed to $4,733.
Saving money on a small budget is possible. I like the money savings tips from MP Dunleavey of MSN Money.
Her tips include adopt a veggie diet, stash away found money, do-it-yourself dry cleaning, increase your insurance deductible and never pay full price.
I also like the money savings tips from Meme, 93-year-old woman, who passed down a savings legacy to her granddaughter.
The American Institute of Certified Public Accountants www.aicpa.org commissioned two economists from Beacon Economics of Los Angeles to conduct the survey the personal finance habits of Gen Y consumers.