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According to a new survey from the American Institute of Certified Public Accountants (AICPA) and the Ad Council, one in three millennials (34 percent) ranked saving as their number one goal for the year – ahead of living a healthy lifestyle (20 percent), paying off debt (19 percent), and losing weight (14 percent). But while saving was a top priority, a majority of millennials attributed their lack of saving to impulse buying (65 percent). For older millennials, those born between the early 1980’s and early 1990’s, saving is crucial as they work towards major milestones in their lives. When asked what they were saving money towards, respondents sought to secure their future by saving for an emergency fund (40 percent), saving for retirement (22 percent) or starting a family (15 percent). They also reported saving for larger purchases like a vacation (36 percent), a new house (27 percent), a car (26 percent), home improvements (20 percent), or a wedding (8 percent). To provide Americans aged 25 to 34 with the tips and tools to take control of their personal finances, AICPA and the Ad Council’s national advertising campaign, Feed the Pig, is continuing to collaborate with new partners to deliver this critical content in a relevant and engaging way. “Many young adults think saving is impossible,” said Gregory Anton, CPA, CGMA, chair of the AICPA’s National CPA Financial Literacy Commission. “While low salaries and high debt levels can certainly be barriers to saving, the key is to create a budget and stick to it. Establishing a disciplined saving strategy early in life and avoiding missteps will reap substantial long-term dividends.” To view the multimedia release go to: http://www.multivu.com/players/English/7790851-ad-council-feed-the-pig/

Debt is a buzzword for politicians, a burden for students, a necessity for most homeowners and a reality for 70 percent of Americans. But despite this fact, 30 percent of those in debt have no plan to pay it off, according to a recent survey conducted by Fifth Third Bank (NASDAQ: FITB). Fifth Third commissioned the national survey to examine the financial beliefs and behaviors of American adults. The results provided a snapshot of our nation’s financial literacy, with 82 percent of respondents citing financial independence as a goal in their lives. The survey also revealed how the three largest generations in America differ in their understanding and management of savings, budgeting, retirement planning and credit. “At Fifth Third, we were curious to discover how knowledgeable Americans are about their personal finances,” said Jada Grandy, senior vice president and Community Reinvestment Act strategies director, Fifth Third Bank. “The results of this survey give insight into financial literacy in America, as well as the needs of customers at different key stages of their lives. This knowledge arms Fifth Third with the tools to support our customers at every step on their journey to financial independence.” To view the multimedia release go to: http://www.multivu.com/players/English/7723851-fifth-third-bank-life/