One of the most difficult things about becoming an adult and developing a responsible financial life is dealing with saving money. A struggling economy makes it more challenging to put money aside, and there is little to no formal training in the public school system that prepares people for this dimension of life. In the real world, only a third of people actively have plans for their long-term, financial well-being. The place that most people start when developing a healthy attitude towards their money and savings is budgeting. However, surveys have revealed that two out of three adults do not keep a regular, written budget of any kind. The likelihood of a person actually maintaining a budget does correlate with their education level. People living fiscally responsible lives are 38 percent college graduates while those who only received a high school education or below only account for 26 percent.
If the percentage of people maintaining a regular budget is evaluated based on the income of the household, then there is not much fluctuation in the numbers. The percentage hovers around 30 percent regardless of whether a family is bringing in below $30,000 a year or above $75,000. Despite the apparent lack of control on spending, however, people are still tightening their wallets as time moves forward and paying their bills on time. In 2012, 33 percent of people surveyed were not meeting financial deadlines while thus far in 2013, only 26 percent of Americans are falling behind.
The trend is troublesome, and it certainly takes its physical toll on people. Nearly 43 percent of the people questioned about their biggest worries in life responded by citing their lack of emergency finances. The stress is causing people to lose sleep, become less social, eat more junk food, and suffer from illnesses more often. The key to curbing this trend would seem to be in training teens to be more fiscally responsible as they make the transition into adulthood. In this area, there is plenty of work to be done. Only one in three teens maintains a summer job, and a staggering 81 percent of teenagers do not have checking accounts. One way that families could introduce teens to the real world ahead of time would be to allow them to participate in the household budget. However, this practice is a reality for only one out of every ten teens.
Source: Online Accounting Degrees