Carrie Schwab-Pomerantz

speaker
40 appearances 1 recordings 1 series first heard Aug 2018 last heard Aug 2018

Carrie Schwab-Pomerantz’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Survey: Parents Discuss Money More Than Sex and Drugs · 27 Aug 2018 podcast
Yeah, it's really interesting.
This study, well, first of all, we wanted to conduct the study because these are young adults on the cusp of independence.
And like you mentioned, these young people grew up in the midst of this great recession.
And we do talk so much about
older adults, you know, have they recovered from a job or from increases in their salaries and so forth.
But we never talk about how it affected our youth at the time.
And so these 16 to 25 year olds were as young as first grade.
So imagine how impressionable and how much it can really affect how they think about money and behave.
There's definitely some great outcomes from the lessons that they've learned.
There's some optimism, perhaps a little unrealistic, and also some of their behaviors that show that they could use a little more education.
There was definitely some different outcomes or behaviors that we learned about these youth, and definitely the whole notion that they are skipping a meal tells us that they're not really understanding how to budget and prioritize their money.
Also, as you mentioned, we found that there's a big misunderstanding around debt management in particular.
where there's a misunderstanding of what good debt is versus bad debt.
A big portion of these young adults think that home mortgages is bad debt.
And while a third think that credit card debt is good debt.
And also a big portion of these young adults say that if they were given $1,000 cash, I think only 3% would put it to debt payment.
And so not to, again, do they understand how to manage money?
I was really pleased to see that they put such a high priority in financial independence from their parents.
Again, with, I'll say, the millennials, so many of them couldn't find jobs.
They were very dependent on their parents.
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