A recent study by Fidelity Investments found that many young working Americans are growing more conservative in their behavior towards financial matters and employment decisions. The Fidelity Generation Y study investigated the attitudes and behaviors of more than 1,000 employed Americans ranging from 22 years to 33 years old. The Fidelity study found:
- Over 70 percent of Gen Y workers are very concerned about their finances with daily money management and budgeting as their biggest focus;
- Most Gen Y individuals are using mobile technology to stay updated on their cash flow situations;
- 41% say the economic crisis has made their generation more conservative; and
- More show a reluctance to “job hop” with one in four indicating the intent to remain with a current employer until retirement, up from 14 percent of those surveyed in early 2008.
Fidelity Investments reports that:
“The change in the mindset of young workers has been remarkable,” said Brad Kimler, executive vice president of Fidelity’s Consulting Services business. “Their attitudes and views toward their employer and finances are now more conservative and reflective of their parents’ generation[.]”
So what is your financial attitude? Most people who go through bankruptcy emerge with a greater understanding of their monthly finances and a resolve to manage their financial life better. Most people are more conservative and careful with their finances after bankruptcy, slowly improving their credit scores and making wise decisions that lead to home ownership, retirement savings, and financial well-being.
Congress wants the bankruptcy debtor to succeed in the future. The bankruptcy laws require a debtor to go through a credit counseling session and a class on personal financial management. Surprisingly, most bankruptcy debtors are eager to take these classes.
If you are eager for a new beginning free of overwhelming debt, consult with an experienced bankruptcy attorney and consider your options for a better financial future. Contact Haines and Kreiger for a free consultation today.