The senior living and care industry appears to have some educating to do among Americans, particularly those within the younger generations.
Approximately one in five Americans believe that there’s no reason to save for retirement under the age of 40, according to a new survey by online financial services marketplace LendingTree. The number holding this belief is even higher among younger Americans, the survey found, with 29% of Gen Z and 26% of millennials agreeing with the statement.
The firm surveyed 1,550 Americans aged 18 to 75 years last month and also found that Americans know less about money than they think they do. When asked to rate their financial literacy on a scale of 1 to 5, most (87%) rated themselves at a 3 or higher. When asked if they believe six different money myths, however — such as that someone doesn’t need to save for retirement until at least age 40 — 96% thought at least one was true.
They survey also found that Americans are taught financial literacy at home, rather than at school. About half (47%) of respondents said they learned about finances from their parents or other family members, and 39% said they are self-taught. Just 29% learned about money in high school, even though 56% of people think the subject should be taught there.
Further, 27% of Gen Z respondents reported learning about money from social media. That’s nearly double the overall average of 14% across all respondents. Interestingly, 15% of Gen Z members who said they learned a false money myth said that they learned it on social media; 21% of millennials said the same.