According to the 2018 Allianz Tuition Insurance College Confidence Index, roughly 40% of families find the Free Application for Federal Student Aid (FAFSA) challenging to complete; a troubling statistic considering the growing number of families saving nothing for college. The index reveals a growing “college savings gap,” as even parents who have saved have only about a third of what they think a four-year degree will cost. Both groups expect to tap outside sources (including those accessible after filing the FAFSA) to cover 40% of the balance, a significant increase from 2017.
Tag: financial advisors
Millennials are often lumped together, but the financial realities and habits of the 20-24 year-old set are very different from their older peers, according to new data from PNC’s Financial Independence Survey. The survey sought insights into the financial patterns and mindsets of 20-29 year-olds, comparing responses both within the age group and among those with and without higher education.
Different generations responded differently to the recession. A new report from Financial Finesse brings to light just how distinctly the characteristics of each generation impact financial behaviors and habits. Analysts say the distinct differences among generations are why it is crucial for financial professionals to reform their traditional approach to financial planning and adopt a new approach that targets younger generations’ concerns.
Roughly one-fourth of twenty-somethings consider themselves “totally financially independent” and just 18% expect they’ll have enough money for a comfortable retirement, according to a first-time national survey by PNC Financial Services Group. The new survey is cautioning that twenty-somethings aren’t feeling optimistic about their finances, even though they’ll have years to recover from the nation’s deep economic troubles.