Following are the full results of a national survey conducted by The Gallup Organization on behalf of the National Endowment for Financial Education and USA TODAY. The poll explored the top financial issues concerning young adults ages 22 to 29; it was released on November 20 in conjunction with an exclusive six-week series titled “Young & In Debt,” which will run Mondays and Fridays from November 20 to December 29 in USA TODAY. The series describes the financial challenges that this age group is facing, while offering solutions for paying off debt, establishing a budget and saving for the future. To view the complete “Young & In Debt” series, visit the NEFE News section the week of January 1, 2007.
Download Survey as a PDF.
USA TODAY/NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION
YOUNG ADULTS’ FINANCES POLL
Timberline: 149163
R: 691
Princeton Job #: 06-10-045
Jeff Jones, Frank Newport
October 26-November 14, 2006
Results are based on telephone interviews conducted October 26-November 14, 2006, with a random sample of –901—U.S. adults between the ages of 22 and 29. The sample consists of 690 respondents who had participated in earlier national Gallup polls and agree to be re-interviewed for a future poll, and 211 respondents who were randomly selected from a national sample of cell phone numbers. The sample is weighted by demographic information so that it is representative of 22-29 year olds nationwide. For results based on this sample, one can say with 95% confidence that the margin of sampling error is ±4 percentage points.
In addition to sampling error, question wording and practical difficulties in conducting surveys can introduce error or bias into the findings of public opinion polls.
To begin, we have some questions about your background.
1. Which of the following best describes your current situation – employed full-time, employed part-time, a homemaker, a student, unemployed but looking for work, or unemployed and not looking for work?
|
Employed full-time
|
62
|
|
Employed part-time
|
8
|
|
Homemaker
|
10
|
|
Student
|
11
|
|
Unemployed, looking for work
|
5
|
|
Unemployed, not looking for work
|
2
|
|
Disabled (vol.)
|
1
|
|
No opinion
|
*
|
2. Are you currently enrolled in college, graduate school or a trade school, or not?
|
Yes, enrolled
|
No, not enrolled
|
No opinion
|
|
24
|
75
|
*
|
3. What is the last grade or class that you completed in school? [OPEN-ENDED]
|
High school graduate or less
|
College, incomplete
|
College graduate
|
Post-graduate work
|
No answer
|
|
39
|
35
|
19
|
8
|
*
|
4. Do you plan to get any more education beyond what you currently have, or are you now finished with your schooling?
|
Plan to get more education
|
Finished with schooling
|
No opinion
|
|
68
|
26
|
6
|
5. Which of the following best describes where you are currently living – in a home that you, personally, own, in a home or apartment that you are renting, in the home of your parents or another relative, in a college dormitory or other student housing, or are you living somewhere else?
|
In a home that you, personally, own
|
39
|
|
In a home or apartment that you are renting
|
37
|
|
In the home of your parents or another relative
|
22
|
|
In a college dormitory or other student housing
|
1
|
|
Other (vol.)
|
1
|
|
No opinion
|
*
|
6. (Asked of respondents who rent their home or apartment) Do you share the rent with others, or do you pay the full rent yourself? [IF SHARE: Not including yourself, how many other people do you share the rent with?] [OPEN-ENDED]
BASED ON –312—RESPONDENTS WHO RENT THEIR HOME OR APARTMENT (±7 PCT. PTS.)
|
Pay full rent/ do not share
|
Share with one other person
|
Share with two other people
|
Share with three or more other people
|
No opinion
|
|
51
|
35
|
9
|
5
|
*
|
Thinking now about your personal financial situation,
7. How would you rate the job you are doing in managing your money – as excellent, good, only fair, or poor?
|
Excellent
|
Good
|
Only fair
|
Poor
|
No opinion
|
|
19
|
51
|
24
|
6
|
--
|
8. Would you say that you are presently living WITHIN your means, SOMEWHAT BEYOND your means, or FAR BEYOND your means?
|
Within means
|
Somewhat beyond means
|
Far beyond means
|
No opinion
|
|
70
|
22
|
5
|
3
|
9. Is your overall quality of life at this age – [ROTATED: better than what you expected it would be, about what you expected, or worse than what you expected it would be]?
|
Better
|
About as expected
|
Worse
|
No opinion
|
|
26
|
56
|
16
|
1
|
10. (Asked of respondents who have finished with their schooling or who have graduated college and are working full-time) When you first began living on your own after school, were your expenses – [ROTATED: higher than what you thought they would be, about what you expected, or lower than what you thought they would be]?
BASED ON –457—RESPONDENTS WHO HAVE FINISHED THEIR SCHOOLING OR WHO HAVE GRADUATED COLLEGE AND ARE WORKING FULL-TIME (±6 PCT. PTS.)
|
Higher
|
About as expected
|
Lower
|
No opinion
|
|
43
|
47
|
7
|
3
|
11. Do you think the financial pressures faced by your generation are – [ROTATED: tougher, about the same, or not as tough] – as those faced by previous generations?
|
Tougher
|
About the same
|
Not as tough
|
No opinion
|
|
60
|
26
|
11
|
3
|
12. At this time, what is your biggest financial concern? [OPEN-ENDED]
|
Cost of owning/renting/taking care of a home
|
21
|
|
Cost of education needs
|
17
|
|
Credit card debt
|
9
|
|
Retirement/having enough to retire
|
8
|
|
Taking care of family/raising children
|
8
|
|
Bills/keeping them paid
|
6
|
|
Transportation/cost of owning a vehicle/car insurance
|
6
|
|
Jobs/job security/low pay
|
5
|
|
Saving money
|
4
|
|
Health insurance costs/medical costs
|
4
|
|
Lack of money in general
|
4
|
|
Higher interest rates
|
*
|
|
Other
|
9
|
|
None
|
7
|
|
No opinion
|
4
|
|
Percentages add to more than 100% due to multiple responses.
|
|
13. Have you made any financial decisions in the past six months that you now regret, or not?
|
Yes, have
|
No, have not
|
No opinion
|
|
15
|
85
|
*
|
14. (Asked of respondents who have made financial decisions in the past six that they now regret) What were those? [OPEN-ENDED]
BASED ON –122—RESPONDENTS WHO HAVE MADE FINANCIAL DECISIONS IN THE PAST SIX MONTHS THAT THEY NOW REGRET (±11 PCT. PTS.)
|
Credit card debt
|
23
|
|
Unneeded purchases
|
17
|
|
Buying a car/vehicle expenses
|
16
|
|
Bad investments/business ventures
|
10
|
|
Buying a house
|
6
|
|
Took out a loan
|
1
|
|
Other
|
25
|
|
No opinion
|
5
|
|
Percentages add to more than 100% due to multiple responses.
|
|
On a different topic,
15. Do you work out a monthly budget to help plan for your expenses, or not?
|
Yes
|
No
|
No opinion
|
|
52
|
48
|
*
|
16. (Asked of respondents who work out a monthly budget to help plan expenses) How closely do you stick to your budget – very closely, somewhat closely, or not that closely?
BASED ON –487—RESPONDENTS WHO WORK OUT A MONTHLY BUDGET TO HELP PLAN EXPENSES (±6 PCT. PTS.)
|
Very closely
|
Somewhat closely
|
Not that closely
|
No opinion
|
|
38
|
56
|
6
|
--
|
COMBINED RESPONSES (Q.15-16): BASED ON FULL SAMPLE
|
Yes, work out monthly budget
|
52
|
|
|
(Stick to budget very closely)
|
(20)
|
|
|
(Stick to budget somewhat closely)
|
(29)
|
|
|
(Stick to budget not that closely)
|
(3)
|
|
No, do not work out monthly budget
|
48
|
|
No opinion
|
*
|
17. If you had to find a way to cut down on your spending, what would be the first thing you would eliminate? [OPEN-ENDED]
|
Dining out
|
22
|
|
Going out/spending money on entertainment
|
10
|
|
Clothes/shoes
|
9
|
|
TV services (cable/satellite/digital)
|
6
|
|
Tobacco
|
5
|
|
Alcohol
|
4
|
|
Transportation/car expenses
|
4
|
|
Phone/cell services
|
4
|
|
Junk food/candy/pop
|
3
|
|
Recreational/extra curricular activities
|
3
|
|
Gas
|
2
|
|
Credit cards
|
2
|
|
Travel/vacation
|
1
|
|
DVDs/CDs/movies/music
|
1
|
|
Hobbies
|
1
|
|
Personal beauty/health expenses
|
1
|
|
Internet service
|
1
|
|
Coffee
|
1
|
|
Electronics
|
*
|
|
Other
|
8
|
|
None/nothing
|
3
|
|
No opinion
|
10
|
18. Are there any items you probably should not spend as much money on as you do, but that you are not willing to give up in order to cut expenses? [Please tell me what those are.] [OPEN-ENDED]
|
Clothes/shoes
|
8
|
|
Tobacco
|
7
|
|
Junk food/candy/pop
|
6
|
|
Dining out
|
5
|
|
TV services (cable/satellite/digital)
|
4
|
|
Transportation/car expenses
|
3
|
|
DVDs/CDs/movies/music
|
3
|
|
Going out/spending money on entertainment
|
3
|
|
Alcohol
|
3
|
|
Phone/cell services
|
3
|
|
Gas
|
2
|
|
Electronics
|
2
|
|
Personal beauty/health expenses
|
2
|
|
Recreational/extra curricular activities
|
2
|
|
Internet service
|
1
|
|
Hobbies
|
1
|
|
Coffee
|
*
|
|
Travel/vacations
|
*
|
|
Credit cards
|
*
|
|
Other
|
5
|
|
None/nothing
|
43
|
|
No opinion
|
1
|
|
Percentages add to more than 100% due to multiple responses.
|
|
19. (Asked of respondents who are currently enrolled in college or who have attended college) Thinking now just about your college and graduate school education, did you, or are you, personally, paying for -- all of it, most of it, about half of it, less than half of it, or none of it?
BASED ON –674—RESPONDENTS WHO HAVE ATTENDED COLLEGE (±5 PCT. PTS.)
|
All
|
Most
|
About half
|
Less than half
|
None of it
|
No opinion
|
|
36
|
13
|
13
|
14
|
23
|
*
|
20. (Asked of respondents who are currently enrolled in college or who have attended college) Still thinking about your college and graduate education, please say whether each of the following was, or is, a major source of your funding for school, a minor source, or not a source. How about – [ITEMS A-F READ IN ORDER]?
BASED ON –674—RESPONDENTS WHO HAVE ATTENDED COLLEGE (±5 PCT. PTS.)
|
(sorted by “major source”)
|
Major source
|
Minor source
|
Not a source
|
No opinion
|
|
E. A full- or part-time job you had while you were in college
|
40
|
37
|
22
|
1
|
|
D. A scholarship or some other source of financial aid
|
40
|
27
|
32
|
*
|
|
C. Student loans
|
38
|
19
|
42
|
1
|
|
A. Money from your parents
|
26
|
27
|
47
|
*
|
|
F. Your personal savings
|
11
|
34
|
54
|
1
|
|
B. Money from relatives other than your parents, including an inheritance
|
3
|
12
|
84
|
1
|
Next,
21. Please tell me which of the following you, personally, have. [ITEMS A-C ROTATED; ITEM D READ LAST]
|
A. Credit cards, including bank credit cards, such as Visa and MasterCard and charge cards for specific stores
|
|
|
Yes
|
No
|
No opinion
|
|
|
69
|
31
|
*
|
|
B. Student loans
|
|
|
Yes
|
No
|
No opinion
|
|
|
33
|
67
|
--
|
|
C. A car loan
|
|
|
Yes
|
No
|
No opinion
|
|
|
45
|
55
|
*
|
|
D. Some other type of debt besides a mortgage
|
|
|
Yes
|
No
|
No opinion
|
|
|
24
|
76
|
*
|
22. (Asked of respondents who have debt) How often do you worry about the debt that you have – frequently, occasionally, rarely, or never?
BASED ON –810—RESPONDENTS WHO HAVE DEBT (±4 PCT. PTS.)
|
Frequently
|
Occasionally
|
Rarely
|
Never
|
Don’t have debt (vol.)
|
No opinion
|
|
30
|
34
|
23
|
13
|
1
|
*
|
23. (Asked of respondents who have debt) Please say whether you have or have not done any of the following because of the debts you have. [RANDOM ORDER]
BASED ON –810—RESPONDENTS WHO HAVE DEBT (±4 PCT. PTS.)
|
(sorted by “yes, have done”)
|
Yes, have
|
No, have not
|
No opinion
|
|
Put off or decided against furthering your education
|
29
|
70
|
1
|
|
Not bought a house or apartment
|
26
|
73
|
1
|
|
Took a job you would not have taken otherwise
|
22
|
77
|
*
|
|
Moved in with your parents or other relatives
|
19
|
81
|
*
|
|
Put off having children
|
14
|
85
|
1
|
|
Did not take a job you would have taken otherwise
|
12
|
87
|
1
|
|
Put off getting married
|
11
|
88
|
1
|
24. (Asked of respondents who have debt) Next, we’d like to learn about the amount of debt people are carrying. As a reminder, the data are only being collected for research purposes and I assure you all your responses to the survey are confidential. For each type of debt you have, stop me when I have read the appropriate range that corresponds to the amount you owe for that source. First, is the total amount of money you owe on your [ITEMS A-C ROTATED; ITEM D READ LAST] less than $1,000, $1,000-$5,000, more than $5,000 but less than $10,000, more than $10,000 but less than $20,000, more than $20,000 but less than $50,000, or more than $50,000?
|
|
A. Credit cards
|
B. Student loans
|
C. Car loans
|
D. Other debts
|
|
Less than $1,000
|
47
|
5
|
5
|
28
|
|
$1,000-$5,000
|
31
|
23
|
18
|
33
|
|
More than $5,000-less than $10,000
|
13
|
19
|
24
|
12
|
|
More than $10,000-less than $20,000
|
6
|
28
|
33
|
9
|
|
More than $20,000-less than $50,000
|
2
|
19
|
16
|
5
|
|
More than $50,000
|
--
|
5
|
1
|
10
|
|
No answer
|
1
|
1
|
3
|
2
|
|
Sample size of respondents w/ each type of debt
|
686
|
362
|
427
|
195
|
|
Margin of error
|
±5 pct. pts.
|
±7 pct. pts.
|
±6 pct. pts.
|
±9 pct. pts.
|
Thinking again about your current situation,
25. Please tell me whether you, personally, have [RANDOM ORDER], or not.
|
A. Health insurance
|
|
|
Yes
|
No
|
No opinion
|
|
|
73
|
27
|
--
|
|
B. A retirement savings plan, such as an IRA or 401(k)
|
|
|
Yes
|
No
|
No opinion
|
|
|
45
|
55
|
1
|
|
C. A personal savings account that you contribute to regularly
|
|
|
Yes
|
No
|
No opinion
|
|
|
60
|
40
|
*
|
26. (Asked of respondents who have a retirement savings plan) Do you think you are saving enough for retirement, or do you think you should be saving more?
BASED ON –480—RESPONDENTS WHO HAVE A RETIREMENT SAVINGS PLAN (±6 PCT. PTS.)
|
Saving enough
|
Should be saving more
|
No opinion
|
|
33
|
65
|
1
|
Turning to something else,
27. Do you ever talk with someone you trust about your personal finances, or not?
|
Yes, do
|
No, do not
|
No opinion
|
|
67
|
33
|
*
|
Next,
28. Please say whether you are – or are not -- getting any of the following types of financial assistance from a parent or other relative. [RANDOM ORDER]
|
(sorted by “yes, are getting”)
|
Yes, are getting
|
No, are not getting
|
No opinion
|
|
Giving or loaning you money when you need it for major expenses
|
28
|
71
|
1
|
|
Providing you with room and board
|
18
|
81
|
*
|
|
Help paying your normal bills
|
11
|
89
|
*
|
|
Providing you with a car
|
11
|
89
|
*
|
|
Health insurance
|
9
|
90
|
*
|
|
Current college tuition or expenses
|
7
|
92
|
*
|
|
Money to supplement your income on a regular basis
|
7
|
93
|
*
|
|
Help paying student loans
|
5
|
95
|
*
|
29. Thinking about last week, how many times did you eat dinner out at a restaurant of any kind?
|
None
|
21
|
|
One
|
22
|
|
Two
|
22
|
|
Three
|
14
|
|
Four
|
9
|
|
Five
|
6
|
|
Six
|
1
|
|
Seven
|
5
|
|
No opinion
|
1
|
|
Mean (including none)
|
2.1
|
|
Median (including none)
|
2
|
Finally,
30. How much would you estimate that you, personally, spend on entertainment, such as dining out, going to the movies or other events, or buying music, in a typical month?
|
$0/ none
|
$1- $50
|
$51-$100
|
$101-$250
|
$251-$499
|
$500 or more
|
No opinion
|
Mean (including zero)
|
Median
|
|
4
|
25
|
21
|
25
|
13
|
10
|
2
|
$204
|
$100
|
Gallup® and The Gallup Poll® are trademarks of The Gallup Organization. All other trademarks are the property of their respective owners. Copyright © 2006 The Gallup Organization, Princeton, NJ. All rights reserved.