Essential Skills | Generational Gaps | Gender Divides | Personal Finance Skills | Real Estate Knowledge | How Americans View Traditional Advice | Is College Worth It? | Methodology | FAQ
😧 Millennials and Gen Zers Know More About Taylor Swift Than Congress 😧
About 31% of Gen Z and 27% of millennials can correctly name Taylor Swift's latest album, "Midnights." Just 17% of Gen Z and 20% of millennials can name their congressional representatives.
In recent years, the increasing frequency of wildfires and other natural disasters has highlighted the importance of learning important life skills Americans may have deemed obsolete because of technology. The devastating impact of these events has sparked discussions about the knowledge needed to navigate such situations.
A challenging economic climate has also forced Americans to reconsider the tasks they are willing to outsource and the measures they'll take to save money. As consumers adjust to this financially unstable environment, a greater emphasis has been placed on developing self-reliance and vital life skills.
Meanwhile, college enrollment rates have declined, raising questions about the value of higher education. With the changing economic landscape and shifting perceptions surrounding the benefits of a college degree, it is crucial to examine whether Americans still view college as a worthwhile investment and whether it teaches students to be healthy, successful, and resilient.
We surveyed 1,000 Americans about their proficiency in various life skills, their knowledge of personal finance and real estate topics, and whether they still think college is a useful place to gain essential life skills and achieve financial success. Our research helps create a picture of how the average American carries out their day-to-day life compared to previous generations.
Key Life Skills Statistics 🛠
- 8% of Americans think they're of below-average intelligence yet 17% can't name the nation's capital, and 34% can't name their state or territory's capital. Jump to section 👇
- Nearly half of Americans (46%) consider money management the most important life skill over communication, critical thinking, and problem-solving skills.👇
- 68% of Americans consider themselves to be "handy." 👇
- More than 1 in 3 Gen Zers (37%) say they can't change a lightbulb. 👇
- Millennials are 34% more likely to fall for phone scams than boomers.👇
- 24% of Americans aren't confident they can find a date in person.👇
- 86% of boomers can sew a button on a shirt, but only 58% of Gen Z can.👇
- Nearly 1 in 4 Americans (24%) can't read a map without a smartphone.👇
- 44% of Americans admit they use their phones constantly.👇
- 59% of Gen X and 58% of Gen Z identify as introverts, compared to just 52% of millennials and 43% of boomers.👇
- Nearly half of boomers (44%) think their personal finance knowledge surpasses Gen Z's.👇
- Men are 18% more likely than women to believe they're of above-average intelligence.👇
- Men are 28% more likely than women to say college prepared them for adult life.👇
- 1 in 7 Americans (14%) aren't confident in basic math.👇
- More than 1 in 5 Americans (21%) don't actually know what a 401(k) is.👇
- Over half of Americans (57%) aren't confident in their real estate investment knowledge.👇
- 2 in 10 graduates (21%) say college did NOT improve their critical-thinking and problem-solving skills.👇
- College graduates are nearly 50% more likely than non-graduates to rank their careers as better than average.👇
More Than 1 in 6 Americans Can't Name the Nation's Capital
Americans are a particularly confident bunch. In fact, they may be too confident. Just 8% of Americans think they're of below-average intelligence. However, 17% can't name the nation's capital. (It's Washington, D.C.) Another 34% say they can't name the capital of their state or territory — worrisome to say the least.
Fifty percent of Americans also divulged that they can't identify 10 countries on a map. It's not just geography that puzzles Americans. Politics leave them stumped as well. Nearly 3 in 4 Americans (73%) can't name the people who represent them in Congress.
However, pop culture reigns supreme. About 31% of Gen Z and 27% of millennials can correctly name Taylor Swift's latest album, "Midnights." Just 17% of Gen Z and 20% of millennials can name their congressional representatives.
Nearly Half of Americans Consider Money Management the No. 1 Life Skill
A significant chunk of intergenerational beef centers on how skillful someone is around the house. Surprisingly, 68% of Americans view themselves as "handy," but those skills are considered less valuable than skills pertaining to finance and career.
For example, nearly half of Americans (46%) consider money management skills to be one of the most essential life skills, followed closely by people/communication skills (42%) and problem-solving skills (42%). Critical thinking is also highly valued, with 36% of participants selecting it as an essential life skill.
Self-defense (16%), cleaning (13%), and childcare/caregiving duties (12%) all rank low for being essential life skills. Notably, many of these skills are outsourced to workers in modern life, making them unimportant to the average American.
Life skill priorities also vary by generation. Dating skills are most important to Gen Z (10%) and least important to boomers (1%), who are more likely to be married at their stage of life than their younger counterparts.
Interestingly, self-defense is also most popular with Gen Z. Nearly one-fourth (24%) say it's an essential life skill, compared to 19% of millennials, 13% of Gen X, and 11% of boomers.
There's No Such Thing as a "Useless Boomer Skill"
More boomers report they can do common household tasks on their own compared to younger generations.
Boomers score lower than younger generations in only one skill, building furniture from scratch:
- Gen Z: 25%
- Millennials: 19%
- Gen X: 21%
- Boomers: 11%
Despite this, boomers are more likely than other generations to own a toolkit. Seventy-six percent of boomers own a toolkit, compared to 56% of Gen Z, 64% of millennials, and 74% of Gen X who own one.
The rise of affordable, modular furniture and the increasing popularity of DIY content on social media has given younger generations a stronger sense of handiness. However, more than 1 in 3 Gen Zers (37%) say they can't change a lightbulb.
The answer to "How many Gen Zers does it take to change a lightbulb?" is actually "Call a boomer."
Another surprising generational split involves tech crime. Millennials are actually 34% more likely than boomers to fall for phone scams. About 34% of millennials have fallen prey to phone scams — the highest percentage of any other generation. Phone scammers have tricked just 28% of Gen Z, 26% of Gen X, and 24% of boomers.
About 88% of Gen X and 88% of millennials can update their phone or computer software without assistance. Gen Z performs slightly less well — likely because they grew up with expedited ways to do so. Only 83% of Gen Z can independently update their computer software, and 73% of boomers can do the same.
Although boomers are the least likely to know how to update phone or computer software, they're still pretty knowledgeable about technology released after they were young adults. 88% of boomers are confident in making appointments online, and 80% are also confident in downloading files such as photos, documents, etc.
Nearly 1 in 4 Americans Aren't Confident They Can Find a Date In Person
With more Americans marrying later in life than previous generations, dating is still a hot topic across age groups. That said, 24% of Americans aren't confident they can find a date in person.
Across generations, 36% of Gen Z, 30% of millennials, 40% of Gen X, and 45% of boomers say they're not confident they could find a date in-person.
Surprisingly, millennials are the most confident generation since dating apps exploded in popularity during their early 20s. Gen Z may be slightly less confident than millennials because of "dating app fatigue" entering the cultural zeitgeist as they enter adulthood. Lastly, Gen X and boomers might be feeling the heat (or nerves) of finding a date in-person more than ever due to the ubiquity of dating apps and changing social norms.
The trend of Americans not being confident in skills that are typically outsourced continues. About 41% of Americans aren't confident hunting or fishing, 43% aren't confident changing car oil, 45% aren't confident composting, and 48% aren't confident handling a gun.
Even simple skills such as clothing alterations and repairs are outsourced more frequently than in previous decades. For example, 86% of boomers can sew a button on a shirt, but only 58% of Gen Z can.
Nearly 1 in 4 Americans Can't Read a Map Without a Smartphone
Boomers may excel at more traditional skills, but are they keeping up with technology? Somewhat! Although most Americans (90%) are confident in their texting abilities, boomers are the least likely generation to know how to use Twitter (24%).
A significant portion of Americans are reliant on their phones for daily tasks. Nearly 1 in 4 Americans (24%) need to use a phone in order to read a map. This can prove challenging when cellular data and Wi-Fi are down.
Streaming films and television through apps is the most popular form of technology that Americans use regularly (62%). Americans also commonly use mobile payment apps such as Apple Pay and Google Pay (54%), music streaming services (54%), and grocery or food delivery apps (49%).
Despite the popularity of texting and emails, millennials and Gen X are the most likely to share or send handwritten letters (37%). Unsurprisingly, boomers are the most likely to read a physical newspaper or magazine regularly. About 60% of boomers read physical copies, compared to 26% of Gen Z, 34% of millennials, and 42% of Gen X.
On the other hand, Gen Z is the most likely to use e-learning to pick up new skills or hobbies. About 43% of Gen Z, 39% of millennials, 32% of Gen X, and 12% of boomers regularly use services such as Skillshare or Khan Academy.
44% of Americans Admit to Constantly Using Their Phones
The constant use of smartphones has become prevalent among Americans, with 44% admitting they use their phones constantly throughout the day. An additional 33% report using their phones multiple times a day, while only 5% state they use their phones once a day. It's noteworthy that a mere 5% claim they don't own a smartphone at all.
Interestingly, 10% of boomers are among those who don't own smartphones. They're also the most likely to prefer actually talking on the phone compared to other generations:
- Gen Z: 56%
- Millennials: 47%
- Gen X: 58%
- Boomers: 83%
Each of the three younger generations prefer to text a friend, rather than speak to them over the phone.
Although a majority of Americans (85%) are familiar with common texting acronyms such as LOL, ASAP, and OMG, disparities arise when it comes to email service providers. A significant portion of boomers (52%) still use legacy email providers such as AOL and Yahoo, while Gen X, millennials, and Gen Z have widely adopted newer providers such as Gmail.
When using technology as a customer, nearly all generations show a preference for online chat over phone calls when contacting customer service. Gen Z and millennials prefer online chat the most (64%), followed by Gen X (50%). In contrast, boomers show a lower preference for online chat (24%), indicating a relatively higher preference for traditional phone calls.
Gen Z and Gen X Are More Likely to Be Introverted Than Other Generations
Introverts and extroverts navigate the world and interact with others differently. Unsurprisingly, the generations are split in terms of whether they're introverted, extroverted, or ambiverts.
Fifty-eight percent of Gen Z and 59% of Gen X identify as introverts, compared to 52% of millennials and 43% of boomers. Gen Z also has the highest percentage of self-identified ambiverts, individuals who experience a mix of introverted and extroverted tendencies.
As a result, when it comes to avoiding phone calls, Gen Z and millennials lead the way, with 59% and 60%, respectively, stating they try to avoid them at all costs. Gen X follows closely behind at 54%, while boomers are the least likely to avoid phone calls at 35%.
Although younger generations are more introverted, they are more likely to take on riskier social interactions. For example, when it comes to negotiating salary or a job offer, Gen Z (50%) and millennials (56%) demonstrate relatively higher levels of experience compared to Gen X (45%) and boomers (52%).
Similarly, in terms of volunteering for a charitable organization, millennials (48%) and Gen Z (43%) exhibit higher participation rates, while Gen X (28%) and boomers (36%) have lower involvement.
Nearly Half of Boomers Think Their Personal Finance Knowledge Surpasses Gen Z
When it comes to personal finance, 46% of boomers consider themselves more knowledgeable than Gen Z. A similar percentage of boomers (44%) believe they have more expertise in real estate matters as well.
Rather than pitting themselves against other generations, Americans seem to think they're better than their own generational peers when it comes to most life skills. For instance, 47% of Gen Z believe they're better at controlling their emotions than other Gen Zers. Yet only 24% feel more adept at doing so than boomers.
Millennials are another interesting bunch: 49% say they're more open-minded than other millennials, but only 23% say they're more open-minded than boomers.
Men Are 18% More Likely Than Women to Believe They're of Above-Average Intelligence
Men are 18% more likely than women to believe they possess above-average intelligence. When surveyed, 61% of men consider their general intelligence to be above average, contrasting with 51% of women.
This pattern extends to emotional intelligence as well. Approximately 59% of men report they have higher-than-average emotional intelligence, compared to 53% of women.
Notably, across various attributes, men consistently rate themselves above average more frequently than women. This reinforces previous research that finds cultural attitudes toward men and women influence their self-perception.
Women Are More Likely to Call an Expert for Minor Home Repairs
When it comes to minor home repairs, women are more likely than men to seek help from an expert rather than attempt to fix it themselves. Women are 34% more likely than men to indicate being "somewhat more likely" to call someone for assistance.
Conversely, men are 25% more likely than women to express being "much more likely" to handle repairs themselves. Interestingly, an equal percentage of both genders (33%) indicate being "somewhat more likely" to fix it themselves.
Moreover, men are slightly less inclined to reach out for assistance, with only 14% stating they are "much more likely" to do so, compared to 16% of women.
Men Are 28% More Likely Than Women to Say College Prepared Them for Adult Life
Gender disparities manifest within college experiences. About 61% of men, compared to 46% of women, believe their college education adequately prepared them for the challenges they face as adults. That makes men 28% more likely than women to say college prepared them for everyday life.
Similarly, men are more inclined to find their college degrees useful in their everyday life. About 71% of men report its usefulness compared to 59% of women.
About 29% of men and and only 15% of women report studying or taking real estate courses, highlighting a notable disparity. The gap narrows for personal finance courses, with 38% of men and 34% of women indicating their engagement in such coursework.
These findings are particularly important for the real estate industry because they indicate an opportunity to improve outreach to young women, an increasingly independent group compared to previous generations.
1 in 7 Americans Aren't Confident in Basic Math
Are the adults alright? We found that 1 in 7 Americans (14%) lack confidence in basic math skills. Another 16% aren't confident in writing a check without assistance, and 21% aren't confident with managing their money.
Most concerning is that 22% of Americans seem to struggle with budgeting and selecting their own health insurance, which doesn't bode well for Americans' overall personal finance acumen.
Americans also seem to struggle with understanding broad financial topics beyond their own budgets. When asked about tactics used to lower inflation, 35% of respondents correctly identified raising interest rates, but 21% incorrectly chose lowering interest rates. Surprisingly, 26% of respondents admit they don't know the answer.
Across generations, 25% of Gen Z, 28% of millennials, 24% of Gen X, and 55% of boomers answered correctly. This may indicate that younger generations value personal finance knowledge more than an understanding of macroeconomics.
21% of Americans Don't Actually Know What a 401(k) Is
More than 1 in 5 Americans (21%) don’t know that a 401(k) is a retirement savings plan offered by employers to their workers. About 13% answered incorrectly from a range of choices, and the remaining 8% acknowledged they didn’t know.
Unsurprisingly, generations at or near retirement age — boomers and Gen X — scored much higher on this question. Roughly 95% of boomers and 82% of Gen X know what a 401(k) is, compared to 72% of millennials and 60% of Gen Z.
Americans Are Divided on Common Financial Advice
Across generations, Americans generally agree about some conventional wisdom of personal finance. Eighty-five percent say that investing in a 401(k) or individual retirement account (IRA) is the easiest way to save for retirement, and 81% agree that consistent, long-term investing for retirement is preferable to trying to time the market.
Americans also tend to agree on common financial advice related to homeownership and renting. Eighty-four percent say that it’s a good idea to buy a more affordable "starter home" before starting a family and buying a "forever home." Respondents also affirm that renting can be advantageous because it helps take some of the burden of maintenance off the resident (78%).
The generations are much more divided on basic issues related to retirement and personal credit. Nearly 17% of Americans say it's best to wait until your 40s to start saving for retirement. The younger generations are much more likely to share this outlook. One-fourth of both Gen Z and millennials (24%) agree, compared to 18% of Gen X and a mere 5% of boomers.
Most Americans (84%) agree that paying off credit card debt in full each month helps build credit, but they are much more divided when it comes to the use of credit cards. About 28% of Gen Z and 24% of millennials say that having an emergency fund is not necessary when you have a credit card, compared to 19% of Gen X and 6% of boomers.
Over Half of Americans Aren't Confident in Their Real Estate Investment Knowledge
High home prices aren't the only real estate barrier for Americans. Learning about the industry itself seems to be difficult for most adults. Just 40% of Americans are confident in their understanding of real estate commission rebates — an increasingly common offering designed to help sellers and buyers save money.
Forty-five percent of Americans say they aren't confident in their understanding of the home-selling process, whereas 38% say they aren't confident in their knowledge of the home-buying process. This indicates that education on buying a home is more prevalent than selling a home, and there is an opportunity for both educational institutions and real estate companies to educate the general public on the latter.
Only 65% of Americans answered correctly that a down payment is the sum a buyer pays upfront for a home. This strongly varies by generation, with 85% of boomers, 67% of Gen X, 57% of millennials, and 44% of Gen Z choosing the right answer.
Escrow is a less widely understood concept: Only 44% of Americans answered correctly that escrow is the holding of funds by a neutral third party during a home sale. Boomers scored much higher than other generations on this question, with 68% selecting the right choice. Fewer than half of Gen X (43%) answered correctly, while about a third of millennials (33%) and less than a quarter of Gen Z (22%) chose the right answer.
Only 38% of Americans can accurately identify the four main elements of a mortgage payment: principal, interest, property taxes, and insurance (PITI). Even though about 66% of Americans are homeowners, many are unaware of the makeup of their monthly mortgage payments. Boomers are, again, more well-versed in this subject, with 57% choosing the right answer, compared to 33% of Gen X, 29% of millennials, and 25% of Gen Z.
2 in 10 Grads Say College Did Not Improve Their Critical Thinking and Problem-Solving Skills
With college enrollment on the decline, it’s worth wondering whether college graduates are happy with their decision to invest in a higher degree. Roughly 35% of college graduates say their degree is not useful to their everyday lives. Another 82% of respondents say they would like to see more emphasis on managing personal finances in high school and college courses.
Still, most grads say attending college yielded some significant benefits: strong critical thinking and problem-solving skills (79%) and improved communication skills (78%).
Post-graduation, 73% of respondents say they are able to apply the skills and knowledge they acquired in college to real-world situations. Seventy-three percent of grads also believe employers value their college degrees when hiring.
Just 45% of College Grads Gained More Life Skills in College
Nearly 7 out of 10 (68%) grads say having a college degree has helped them earn a higher salary. An equal percentage report being satisfied with the overall value of their college education in their life after college.
But many grads feel less positively about the extent to which college prepared them. Overall, 47% of grads believe their college education did not adequately prepare them for the challenges they face in adult life.
Forty-five percent of grads report that their college did not provide them with resources and networking support to build professional connections, and 71% of grads think their school did not prepare them to manage student loan repayment. What's more, 55% say they did not learn life skills such as cooking and cleaning during their time in college.
Overall, College Graduates Rate Their Intelligence and Health Higher Than Non-Grads
College grads are more confident in their abilities than non-college graduates, and they are more likely to rate themselves as above average in various attributes.
This confidence is particularly evident in their career satisfaction, with graduates being 50% more likely to consider their careers better than average. College grads are also 37% more likely to rate their intelligence as above average and 62% more likely to rate their personal finance as above average.
One of the biggest benefits of finishing college seems to be improving one's career opportunities as well as having higher self-esteem overall. This is good news for proponents of increasing college enrollment numbers. College isn't just about education, it's also about self-improvement and bettering one's life.
Methodology
The proprietary data featured in this study comes from an online survey commissioned by Real Estate Witch. One thousand Americans were surveyed June 7-8, 2023. Each respondent answered up to 25 questions related to life skills, personal finance, and real estate.
About Real Estate Witch
You shouldn’t need a crystal ball or magical powers to understand real estate. Since 2016, Real Estate Witch has demystified real estate through in-depth guides, honest company reviews, and data-driven research. In 2020, Real Estate Witch was acquired by Clever Real Estate, a free agent-matching service that has helped consumers save more than $160 million on real estate fees. Real Estate Witch’s research has been featured in CNBC, Yahoo! Finance, Chicago Tribune, Black Enterprise, and more.
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Frequently Asked Questions
Are life skills taught in college?
When surveyed, 45% of college grads say they gained more life skills, such as cooking and cleaning, in college. Additionally, 79% of college grads say college improved their critical thinking and problem-solving skills. Another 53% say college adequately prepared them for the challenges of adult life.
What are the 5 essential life skills?
The five most essential life skills, according to Americans are:
1. Money management skills: 46%
2. People/communication skills: 42%
3. Problem-solving skills: 42%
4. Critical thinking skills: 36%
5. Maintaining mental health: 33%
What life skills should be taught at school?
Money management is one of the most essential life skills, according to Americans. What's more, 82% of college grads think there should be a greater emphasis on learning about personal finance in high school and college.
What do baby boomers struggle with?
Boomers struggle with social media. Our research found that boomers are the least likely generation to know how to use Twitter. They're also the least likely of any generation to know how to update their phone or computer software.