A majority of young adults are too broke to have any investments,according to a new study from Facebook Insights.
The survey found that 21-34 year-olds are 1.6-times more likely than Gen Xers or Baby Boomers to have no investments.
Young adults also said their No. 1 financial goal is paying off past debt: 43% of this group said this was their top financial priority, and 46% said being debt free is their idea of financial success.
Meanwhile, 57% said they preferred to pay primarily with cash versus credit cards; 25% of the group described credit cards as something that “worsens my financial standings.”
Facebook used its audience insights tool to look at “the demographics and behaviors” of 21-34 year-olds on Facebook. They also analyzed at conservation data in public posts. Finally, 27,000 users responded to a poll put out by Facebook on financial subjects.
In general, the young adult age group was pretty evenly split on the state of their finances; Facebook found that 46% were “affluent,” or making at least $75,000. Sixty-nine percent of the survey’s audience was between 25 and 34.
This story has been updated to reflect a new version of the study that removed a statistic about home ownership.
As a young adult, what are your financial goals? How are you moving towards those goals?