Survey reveals top financial fears of individuals under 30

A recent study by deVere Group, one of the world’s leading independent financial advisory, asset management, and fintech firms, has brought to light the primary financial concerns of those below 30 years of age.

Amidst an age dominated by swift technological advancements and ever-changing economic terrains, the fiscal apprehensions of the youth have evolved distinctly.

This survey, collecting insights from over 750 respondents across East Asia, Europe, and the UK, provides a window into their financial aspirations and anxieties.

The most pronounced financial concerns for this group include debt, accounting for 48%, followed by income insecurity at 26%, inadequate retirement funds at 15%, and other concerns summing up to 11%.

Nigel Green, CEO of deVere Group, points out the prominent anxiety concerning various debts like student loans, credit card bills, and other living expenses. He states, “The trepidation surrounding long-term debt frequently influences major life decisions such as career paths and significant purchases.”

He suggests a holistic approach to overcome these hurdles, emphasizing the need for financial literacy, judicious borrowing, expert financial counsel, and policies that aim to make education and housing more accessible.

Green also highlights the palpable fear of unstable income or unemployment in these times of economic unpredictability and fast-paced tech innovations.

“Given the fluctuating job markets and the rise of the gig economy, young adults often face the challenge of laying down a robust financial base,” he remarked. This instability can jeopardize both their immediate and long-term financial aspirations.

Furthermore, the study shows that a sizable 15% of respondents are doubtful about having a relaxed retirement.

The changing dynamics of employment and retirement appear to have made the younger generation more attuned to the importance of saving for their later years.

However, various financial strains often impede their ability to amass ample retirement savings.

Nigel Green advises, “Beginning your retirement savings early gives your money ample time to multiply, thanks to compound interest. Procrastinating on these savings can escalate the amount you’d need to save later drastically.”

The survey’s revelations, according to Green, are a clarion call for financial entities, educators, and policymakers to devise strategies that directly address the genuine financial concerns of today’s younger generation.