Monday, November 05, 2012

What Are Young Adults Saving For?

If you're waiting for the housing market to rebound, you might have to wait a long time. The results of a recent Harris survey show that buying a home is way down on the list of priorities for young adults who are saving money. Most (59 percent) of 18-to-35-year-olds are currently saving money, but the percentage who are saving to buy a home is smaller than the percentage who are saving for a rainy day, college, retirement, a car, or a vacation. Here is what young adults are saving for (more than one goal could be cited)...

Rainy day fund: 55%
College costs for myself: 32%
Retirement: 29%
Car purchase: 26%
Vacation: 23%
Home purchase: 22%
College costs for my kids: 11%
Marriage: 8%
Birth of a child: 5%

Source: Harris Interactive, Retirement and Health Care Costs Weighing Heavy on Americans' Minds

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