MILWAUKEE, April 17, 2012 /PRNewswire/ -- When it comes to spending versus saving, most people consider themselves savers. According to the latest poll released by the Northwestern Mutual Foundation's financial literacy website, Themint.org, 79% of people say they would rather have $500 dollars to spend five years from now than $50 to spend today.
Those polled also have an optimistic outlook for the return on their savings, with two thirds indicating that if they put $500 aside in savings today their money will double in 25 years, versus half as many people (31%) who thought it would be only 'a little bit extra.'
Younger people (17 and under) were, not surprisingly, the most likely to have a greater number of spenders among them. Close to a third (33%) said they prefer to spend $50 now, not wait for $500 in five years. But, the preference for immediate spending diminishes with age.
"Summer break is just around the corner. When homework goes on hiatus and spending opportunities abound, it's a perfect time for parents to help kids understand basic financial concepts like spending and saving," said Rebekah Barsch, Northwestern Mutual vice president and mother of two. "Teaching kids good money habits early on fosters financial freedom in the future."
Themint.org offers plenty of free resources to help kids understand the basics of saving and spending, including tips on How to Shop Smart, an interactive What Kind of Spender Are You quiz and the When Will You Be a Millionaire calculator. To coincide with Financial Literacy Month this month, Themint.org, has also unveiled fresh content and new resources, as well as an updated look and site navigation.
About Themint.org Poll
From November 29, 2011 through March 19, 2012, visitors to the financial literacy Web site Themint.org were invited to answer two questions about their preferences for spending or saving and on how their savings might accrue in five years. A combined total of over 2,400 respondents nationwide provided insight, and the results were then analyzed based on several demographic factors including the age and gender. This poll marks the seventeenth in an ongoing series of polls by Themint.org, with the aim of bringing continued awareness to financial literacy issues. Poll results are archived on the site and can be viewed at http://www.themint.org/polls.
About the Northwestern Mutual Foundation
The mission of the Northwestern Mutual Foundation – the largest corporate foundation in the state of Wisconsin – is to build strong, vibrant communities that serve as a legacy to future generations. The Foundation's giving is designed to create an impact on the communities where the company's employees and financial representatives live and work. In fiscal year 2012, the Foundation will contribute $16.7 million to nonprofit organizations across the country.
About Northwestern Mutual
The Northwestern Mutual Life Insurance Company – Milwaukee, WI (Northwestern Mutual) – among the "World's Most Admired" life insurance companies in 2012 according to FORTUNE® magazine – has helped clients achieve financial security for more than 155 years. As a mutual company with $1.2 trillion of life insurance protection in force, Northwestern Mutual has no shareholders. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including: life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company; and Russell Investments.
Further information can be found at http://www.northwesternmutual.com.
SOURCE Northwestern Mutual Foundation