Gen X and Yers need investment help
Gen X and Y may know how to use an iPOD, but they're lost when it comes to investing money outside the job and knowing how Social Security works, according to a newly-released nugget from an online poll of more than 1,700 Americans ages 19 to 39.
Forty percent rated themselves "very knowledgeable" in using iPODs, but only 14 percent fell in the same category on Social Security, reported the Employee Benefit Research Institute and Divided We Fail, a coalition, comprised of AARP, the Business Roundtable and other business-related groups, that advocates for long-term financial security.
This probably reflects a belief of many in the younger generations: they won't see any Social Security checks when they retire. Only 15 percent said they were "very knowledgeable" in saving for retirement and also when it came to investing money outside the workplace.
The survey numbers look better on more pressing, practical finance matters: 32 percent considered themselves "very knowledgeable" on buying a car, on sticking to a budget and on eliminating or avoiding debt.
--Ellen Yan