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January 28, 2023

Your Average Millennial Probably Can’t Solve the Basic Accounting Equation

Are you feeling bad about yourself? Is it your looks? A crummy job? The lack of direction in your life? Professional failings? The sorry state of your personal balance sheet? 

Don't fret! Well, at least about the personal balance sheet thing.

Whenever you're feeling blue, just remember that most people under 35 don't even know how to calculate a personal balance sheet:

Ignorance is not bliss when it comes to one big number for millennials: their net worth. The vast majority of millennials (73 percent of those 18 to 34) have no idea what they have versus what they owe, according to a new survey from Harris Poll conducted for online money manager Personal Capital (personalcapital.com).

John Piazza admits he is one of them, although the Chicago-based banking executive says he has a "decent idea" of his net worth (assets such as cash and mutual funds minus liabilities like student and credit card debt). Piazza estimates that about 80 percent of his friends do not have a handle on their total financial picture.

And don't forget, they're scared of tax returns, too. So, Millennial accountants, you should feel really good about yourselves right now. Unless you hate accounting, of course.

[Reuters]

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