Shedding light on youth and their finances (2020)

 
 

MIXED METHODS

Target: Young people, ages 15-30, low-to-moderate income

Challenge: What are the biggest challenges that young people are facing around their finances? 

Summary: As part of the Principal Foundation’s YouthCan initiative, we conducted a major research study to better understand young people and their finances.  Our intention was to both offer thought capital to the financial industry, as well as to inspire our own grant giving processes. 

Process: 

  • Qualitative interviews with low to moderate income young people (n=10)

  • Stakeholder and vendor workshops

  • 25-minute survey (n=2400) fielded to a national panel of varying incomes and demographics. 

  • 2 week online community (n=20), giving color to emerging themes. 

  • Final report with summit event for research reveal



Findings: We found that a majority of young people have been through a recent financial crisis. Though multiple factors exist, the most common cause was mental health issues. We also found evidence that young people who are shown and helped to use financial products tend to be more optimistic and confident about their finances in the long term. 

The Study: Read the full study here.