If you’ve been worrying about your personal finances, you’re not alone. In fact, the vast majority of people feel the same way. But you might not have guessed that, because according to our research, only 24% of people feel comfortable talking to their friends about their finances—and only 41% would talk about it with their own parents.
Millennials aren’t the only ones feeling a little overwhelmed. Millennial cliches often characterize younger people as anxious and debt-ridden, living at home to save on rent. Our research didn’t exactly disprove that, but we did find that millennials aren’t the only ones: An equal proportion (~38%) of people from every age group except those over 60 said they were “not very confident” in their current financial security.
When we asked respondents to describe their personal finances in 3 words, these were the results.
For many people, taking college loans doesn’t seem “worth it.” One specific cause of financial anxiety—student loans—is fairly widespread. 47% of respondents had taken a loan, and of those that did, only 43% believed that taking the loan was justified. Younger respondents were especially dissatisfied, with only 29% saying so.
When it comes to money, people like to keep their details very, very private. 68% of people would talk about their personal finances with a significant other, but beyond that, they’re tight-lipped. Fewer than 50% of people would discuss their finances with parents, siblings, friends, or even a professional advisor.
In managing finances, most people start young and hope to finish young. 57% of people got their first credit card before the age of 22, and only 13% were older than 25. When asked what age they hoped to retire, 65% of people (appropriately) said they hoped to retire by the age of 65. They’re probably on the right track: the average retirement age in the U.S. is around 63, according to the U.S. Census Bureau.