Americans younger than 35 spend, on average, 16 percent more than they earn. College graduates leave school with an average of $20,000 in student loans and credit-card debt of almost $3,000.
Those stats are the lead in a recent Fast Company article. And those Gen X spendthrifts are the folks targeted by Aaron Patzer, the 26-year-old founder and CEO of Mint.com (previously blogged about here).
It's a generally positive look at Mint, which the article calls "the Axe Bodyspray of personal finance -- cool, fresh, and even sexy."
Personally, I don't find the site's attraction quite as dramatic. But then, I'm not one of those Gen Xers Patzer is seeking.
I'm still not comfortable putting all my financial info on a program run by someone else, even with all of Mint's promised safeguards. And I actually like balancing my checkbook each month, something Patzer says Mint makes meaningless.
I also found Fast Company's final assessment of the money management service interesting: "In the long run, for Mint to succeed in being useful, it may have to give up being fun. It's telling that the first additional feature Patzer's users asked for was a way to monitor their student-loan accounts, not exactly an enjoyable task for most people."