Young Adults Most Likely To Save More, Spend Less In 2011

Young Adults Resolve To Save More, Spend Less In 2011

18 to 34-year-olds are more committed saving money and decreasing spending this year than those in any other age group, U.S. News reports.

In a national survey, Chase Slate and U.S. News asked 1,000 American adults whether they plan to alter their financial habits in 2011, and found that while 54 percent of respondents aged 18 to 34 said they intend to save money when prompted to make a financial resolution for the new year, only 27 percent of those aged 55 to 64 and 23 percent of senior citizens agreed. Additionally, 36 percent of young adults said they would like to manage their finances better in the coming year -- as opposed to 21 percent of 55 to 64-year-olds. The poll also showed that young adults reported using online management services three times as often as their older cohorts.

When asked directly whether or not they intend to save more money in 2011, 81 percent of young adults said yes, and when asked whether they would spend less, 73 percent said yes.

Financial blogger Adam Williams told U.S. News that the economic climate in which he was raised contributed to his fiscal awareness: "over my 27 years, I've watched the tech bubble burst, the stock market crash, and the housing market nearly collapse." He added, "We've seen what can happen and don't want to be caught off-guard."

But increased caution in the coming year should not be taken as an indication of panic -- the survey also revealed that those between the ages of 18 and 34 were the most optimistic about the economy in 2011. While 70 percent of young respondents said they were more hopeful this year than last, only 61 percent of the entire sample responded in kind. And although the U.S. economy is still in the grips of a deep recession, MoneyWatch blogger Carla Fried writes that there may well be reason to expect improvements in the coming year. Fried notes that increased GDP forecasts, growing interest rates, raises in salary and decreasing mortgage loan delinquencies are all signs that the economy is strengthening.

Did you vow to change your financial habits in the coming year? Tell us about your resolutions in the comments section.

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