The Truth About Millennials and Money
Millennials (those coming to young adulthood in the early 2000s) have been called lazy, idealistic, spoiled, high-maintenance, and even stunted narcissists. A new study from iQuantii, a virtual financial advisor for millennials and young families, seems to dispel many of these assumptions about the much-criticized generation. The company's first annual Millennial Money Mindset Survey uncovered some enlightening results. Scroll now to see some of the main takeaways from the study.
- Millannials are concerned with their financial futures, with 72% of respondents stating they have financial goals.
- “Increase overall level of savings” was the top goal for the year 2015 at 76%.
- Top goals include: pay down credit card debt (63%), save for a house (60%), save for a vacation (68%), save for retirement (64%), buy a car (66%), save for a large purchase (67%).
- 68% own or plan to own life insurance.
- They own stocks (35%) and mutual funds (32%).
But they have a lot of work to do:
- Average debt is $47,689 for millennials.
- 31% of millennials have student loans.
- 57% cited "making enough money" as their greatest financial challenge.
- Only 20% actually have a plan in place to work on securing their financial futures.
Thankfully, they're open to guidance:
- More millennials have sought financial advice from friends (45%) than from professional advisors (29%).
- However, 52% would actually prefer to receive guidance from a professional.
- 76% would use an app or online tool for financial guidance.
Do any of these financial figures surprise you? Learn more from the complete iQuantifi study, then sound off in the comments!