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Study Finds Only 17 Percent of Young Adults Check Bank Accounts Daily

Study Finds Only 17 Percent of Young Adults Check Bank Accounts Daily

When personal finances are paired up against social media, it seems keeping track of money may take a backseat.

According to a recent survey, three times as many young adults check their social media pages

When personal finances are paired up against social media, it seems keeping track of money may take a backseat.

According to a recent survey, three times as many young adults check their social media pages daily as those who check their bank accounts every day. The survey, conducted for the American Institute of CPAs (AICPA), was performed as a part of National Financial Literacy Month.

The results of the survey indicate 54 percent of 18- to 34-year-olds log in to their various social media platforms at least once a day, compared to just 17 percent who said they do the same with their bank accounts. On average, young adults check their social media 7.5 times a day, compared to 3 times a day for bank accounts.

"The first rule of personal finance: 'Be informed,'" said Jordan Amin, chair of the National CPA Financial Literacy Commission. "It's easier than ever to spend - and it's just as easy to monitor your spending."

A separate study conducted by the AICPA found that new technology has made it easier to spend than ever, especially through digital mediums like iTunes and other downloading services.