Majority Would Choose Healthy Finances over Great Sex, Peak Fitness, and Trip Around the World; Financial Independence is a Goal but Nearly a Quarter Would Still Ask Parents for Money Until Age 30 to Prevent Further Debt San Francisco, CA — Jan. 16, 2020 — Long Game, the gamified personal finance app, today announced findings […]
Majority Would Choose Healthy Finances over Great Sex, Peak Fitness, and Trip Around the World; Financial Independence is a Goal but Nearly a Quarter Would Still Ask Parents for Money Until Age 30 to Prevent Further Debt
San Francisco, CA — Jan. 16, 2020 — Long Game, the gamified personal finance app, today announced findings from its survey around how American adults under 30 perceive financial freedom. Overall the results indicate that financial independence is greatly valued by this generation; 78 percent would rather double the amount in their bank account than have the best sex of their lives for a year.
Over a third of respondents (36.6 percent) report that they currently do not have financial independence, but reported they would choose financial stability and make sensible choices to avoid further debt over fleeting temptations that might harm their financial futures, debunking the carefree stereotype of how young adults think about money.
The survey of 1,000 U.S. adults ages 18-29 revealed the following:
- 60 percent would rather ask their parents for money than max out their credit card
- 68 percent would rather have their savings matched over the course of the year than win a trip around the world
- 94 percent would rather increase their savings by $1,000 than receive 1,000 likes on their next social media posts
- 50 percent perceive financial freedom as the ability to save for the things they’ll need in the future
- 73 percent would rather be guaranteed to reach their financial goals than their fitness goals
- The prospect of running out of money is three times scarier than loneliness
“For so many people — specifically my generation, the Millennials — saving money is challenging, especially in a world with broken financial systems and endless opportunities to spend money quickly and easily,” said Lindsay Holden, CEO and founder of Long Game. “Despite these challenges, most of us are serious about saving money and working towards financial freedom so we can create the life we’ve envisioned for ourselves and our loved ones.”
Student loan debt can be crippling for this generation; Pew Research cites the number of households with student loan debt doubled from 1998 to 2016. The median amount of loan debt Millennials carry is $19,000, significantly higher than Gen Xers’ balance of $12,800 at the same age. According to the Long Game survey, respondents said getting out of debt is the number one obstacle to achieving financial freedom (44 percent).
Additionally, respondents candidly admitted that it’s a struggle to balance the sensibilities of saving for the future with living their best lives now. 18% said not wanting to compromise on lifestyle is holding them back from reaching their financial freedom, particularly because the majority want to go it alone on the path to achieve financial independence. Most respondents (31 percent) agree that other people should stop funding their lifestyle by 18-20 years old and the majority (63 percent) fund their own lifestyles.
“Most of us are doing the best we can to take control of our financial futures,” said Holden. “We built Long Game for people looking to better their financial health in a way that is effective, approachable, and fun.”
These findings are based on a Pollfish survey of 1,000 adults ages 18 through 29 in the United States. The survey ran from January 10 through January 11, 2020.
About Long Game
Founded in 2015, Long Game harnesses the power of prize-linked savings to help Zillennials make the best financial decisions and drive improved financial outcomes for users by motivating smart financial decisions. Through risk-free products that leverage games and rewards, Long Game transforms the emotional experience of personal finance by making it a fun and natural part of users’ lifestyles. Long Game is FDIC insured, earns interest and supports most US bank accounts. The mobile app is available for Android and iOS Devices. Follow Long Game on Facebook, Instagram, and Twitter or visit our website.