Apparently, apart from spoiling kids' morals, rock and roll (videos) also ruined their financial discipline. Well, no, maybe not. But, due to poor spending and savings habits, the finances of the MTV Generation are in much worse shape than those of adults their age just two decades ago, according to a study commissioned by the American Institute of Certified Public Accountants entitled Feed the Pig. The study looked at Americans aged 25 to 34, which, if you want to get technical about it, actually span two generations: demographers would say they're part Gen X (born 1963 to 1978) and part MTV (born 1975 to 1983). Among other things, this demographic group has the second highest rate or personal bankruptcy in the country and spends an average of 24 percent of its income on debt payment.
MTV KIDS LIVE FOR NOW
| 2004 | 1985 | |
|---|---|---|
| Average net worth | $3,746 | $6,788 |
| Average debt | $4,733 | $3,118 |
| Average net worth as % of income | 92% | 99% |
| Rate of home ownership | 39% | 37% |
| % of group with interest-bearing savings account | 47% | 61% |
| Source: American Institute of Certified Public Accountants | ||
