Jan 26, 2016

Question: What Financial Questions Are Millenials Asking on Facebook?

Fascinating research from Facebook about how millenials (21-34 year olds) talk about money on Facebook and how they use their network for money guidance.  Here are the top questions, they are asking (click on image to increase size):

Screen Shot 2016-01-26 at 11.02.34 AM

Here are the burning questions for Credit Cards, Banking and Investing (which probably won’t surprise teachers) which may provide some project ideas or good discussion starters for the class (who will likely say something along the lines of  “no one uses Facebook anymore:). 

  • Credit cards
    • How can I build my credit score without getting a credit card?
    • What’s the best credit card out there?
  • Banking
    • Which bank is the best for getting a credit card?
    • Can I deposit a check on the mobile app?
    • Can you open up a bank account for free?
    • What is the average turn around time for credit card transactions to hit your bank account?
      • Interesting one; I wonder if they mean debit card transactions but because the debit card so closely resembles a credit card they use the terms interchangeably. Sounds like there is a need to describe the differences.
      • Here’s a student voice from the Reading Eagle that makes this very point!
  • Investing
    • Can someone walk me through the differences between an IRA, a Roth IRA, a money market account and a 401k?
    • What are some good financial investments to make this year?
      • Great opportunity to convince students that with a long-term investing perspective, there is no need to look for “good financial investments” for the year.

 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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