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Young adults to focus on saving money in 2012, survey finds

Jan 17, 2012 Philip Burgess

Young adults to focus on saving money in 2012, survey finds
Consistent with a number of projections, Americans are likely to tighten their finances and credit decisions in coming months. In fact, a new survey shows saving money is now the top priority for the new year among young adults.
 According to a report released Thursday by the American Institute of Certified Public Accountants and the Ad Council, nearly three in four young adults (aged 25 to 34)  are worried more about personal finances. Furthermore, 94 percent of respondents claim they are at least somewhat likely to make savings a priority in 2012 - more than the 90 percent who plan to make healthier living a top priority. "Young adults, debt laden and savings starved, are literally losing sleep as they struggle to put in place financial foundations to support their ambitions," said Jordan Amin, CPA and chairman of the AICPA's National CPA Financial Literacy Commission. "The future they've imagined is at risk, and that's hurting all aspects of their lives. According to a recent report by America's Research Group, more than 43 percent of U.S. shoppers exceeded holiday spending plans, provoking fears of weaker consumer spending in January and February.