Summary
- • 62% of millennials have stated they are saving for retirement.
- • 48% of millennials have emergency savings to cover three months of expenses.
- • 53% of millennials have a side hustle for extra income.
- • 78% of millennials are worried about their ability to pay off debt.
- • 43% of millennials have student loan debt.
- • 33% of millennials feel overwhelmed by financial decisions.
- • 35% of millennials have taken money from their retirement accounts early.
- • 60% of millennials rely on payday loans.
- • 27% of millennials still receive financial help from their parents.
- • 37% of millennials are homeowners.
- • 28% of millennials have no retirement savings.
- • 40% of millennials prioritize experiences over material items.
- • 69% of millennials use budgeting apps to manage their finances.
- • 26% of millennials have credit card debt over $10,000.
- • 47% of millennials have less than $5,000 saved for retirement.
Move over avocado toast, the millennials are making moves in the financial world! With 62% saving for retirement, 48% having emergency savings, and 53% hustling for extra income, it seems this generation is defying stereotypes. However, with 78% concerned about debt, 35% dipping into retirement early, and 60% relying on payday loans, the financial reality can still be a rollercoaster. From discussing money with advisors to swiping credit cards, this diverse group of homeowners and experience-seekers is navigating the financial landscape with a mix of savvy and struggle. Join the journey of the financially dynamic millennials in this revealing blog post.
Debt and loans
- 43% of millennials have student loan debt.
- 35% of millennials have taken money from their retirement accounts early.
- 60% of millennials rely on payday loans.
- 26% of millennials have credit card debt over $10,000.
- 38% of millennials have a high credit score (above 700).
- 25% of millennials have over $100,000 in student loan debt.
- 32% of millennials have taken steps to improve their credit score in the last year.
- 37% of millennials have personal loans.
- 18% of millennials have leveraged a personal loan for debt consolidation.
- 34% of millennials have borrowed money from friends or family to cover expenses.
- 28% of millennials have used a personal loan for home improvements.
- 52% of millennials prioritize paying off debt over saving for retirement.
- 47% of millennials have taken out a car loan.
- 58% of millennials have a credit score of 660 or higher.
- 41% of millennials have utilized a balance transfer to manage credit card debt.
- 25% of millennials have used a personal loan for education expenses.
- 49% of millennials have refinanced their student loans.
- 36% of millennials have used a personal loan for debt consolidation.
- 28% of millennials have leveraged a personal loan for a major purchase.
- 46% of millennials have used a personal loan for medical expenses.
- 41% of millennials have refinanced their mortgage to lower their monthly payments.
- 31% of millennials have used a personal loan for their wedding expenses.
- 37% of millennials have used a personal loan for home renovations.
- 27% of millennials have used a personal loan for travel expenses.
- 41% of millennials have used a personal loan for starting a business.
Interpretation
Millennials, the generation that can effortlessly navigate through Instagram filters but struggles with the complexities of financial management. With a mix of student loan debt, early dips into retirement savings, reliance on payday loans, and staggering credit card balances, it's clear that many millennials are juggling a delicate dance between financial progress and setbacks. Yet, there's a glimmer of hope as a decent portion are actively working on improving their credit scores and making smart moves like debt consolidation. So, while they may prioritize paying off debt over saving for retirement and indulge in personal loans for everything from education to medical expenses to starting a business, maybe it's time for a financial intervention that combines avocado toast budgeting tips with a sprinkle of long-term investment wisdom.
Emergency savings
- 48% of millennials have emergency savings to cover three months of expenses.
- 35% of millennials have a fully-funded emergency savings account.
Interpretation
In a world where avocado toast is often deemed a millennial's Achilles heel, it's surprising to see that nearly half of this generation actually has the foresight to squirrel away enough cash to weather the storm for three months. Yet, the fact that only 35% have a fully-funded emergency fund suggests that while they may be adept at budgeting for brunch, they haven't quite mastered the art of padding their financial safety nets. It seems the millennial mantra of living for today could benefit from a dash of preparation for tomorrow.
Financial worries
- 78% of millennials are worried about their ability to pay off debt.
- 33% of millennials feel overwhelmed by financial decisions.
- 27% of millennials still receive financial help from their parents.
- 47% of millennials have less than $5,000 saved for retirement.
- 31% of millennials have discussed their finances with a financial advisor.
- 23% of millennials have formal education in financial literacy.
- 42% of millennials have dipped into their savings for non-emergencies.
- 61% of millennials have reported being comfortable with their current financial situation.
- 36% of millennials have asked for a raise at work in the last year.
- 46% of millennials have experienced a financial setback in the past year.
- 43% of millennials have a financial advisor they trust.
- 29% of millennials have taken a personal finance class or sought financial education.
- 27% of millennials have attended a financial planning workshop or seminar.
- 33% of millennials have life insurance coverage.
- 23% of millennials have a health insurance plan through their employer.
- 54% of millennials have experienced a decrease in income due to the pandemic.
- 39% of millennials feel stressed about their financial situation.
- 39% of millennials have a financial advisor who helps them with retirement planning.
Interpretation
Ah, the classic Millennial financial rollercoaster - from worrying about debt and feeling overwhelmed by decisions to still receiving a parental safety net while pondering retirement with less than $5,000 saved. It's a mix of savvy discussions with financial advisors, occasional financial literacy gaps, and daring dips into savings for non-emergencies. Yet, amidst the financial setbacks and stress, a sizable 61% find comfort in their financial situation, with a dash of courage to ask for that overdue raise or seek education on personal finance. Yes, the struggle is real, but so is the determination to navigate the complexities of modern money matters with a blend of skepticism, resilience, and a touch of trust in that elusive financial advisor who could potentially lead the way to a brighter, more secure future.
Savings habits
- 62% of millennials have stated they are saving for retirement.
- 37% of millennials are homeowners.
- 28% of millennials have no retirement savings.
- 40% of millennials prioritize experiences over material items.
- 69% of millennials use budgeting apps to manage their finances.
- 56% of millennials prefer online banking to traditional branch banking.
- 30% of millennials have used a robo-advisor for investing.
- 45% of millennials have a financial advisor.
- 55% of millennials have contributed to a retirement account in the past 12 months.
- 24% of millennials have investments in real estate.
- 49% of millennials are investing in the stock market.
- 39% of millennials have retirement savings of $100,000 or more.
- 67% of millennials have set financial goals for themselves.
- 22% of millennials have investments in renewable energy and sustainable companies.
- 41% of millennials use automatic transfers to save money.
- 64% of millennials use mobile payment apps for their financial transactions.
- 31% of millennials are contributing to a Health Savings Account (HSA).
- 54% of millennials have a regular savings plan in place.
- 38% of millennials are investing in ESG (environmental, social, and governance) funds.
- 61% of millennials have a monthly budget in place.
- 44% of millennials are investing in robo-advisors.
- 30% of millennials have a high-interest savings account.
- 32% of millennials have a 401(k) account.
- 35% of millennials have invested in exchange-traded funds (ETFs).
- 23% of millennials have contributed to a Health Savings Account (HSA).
- 28% of millennials have a financial goal to purchase a home in the next 5 years.
- 56% of millennials have invested in a target-date fund for their retirement.
- 49% of millennials have opened a high-yield savings account.
- 30% of millennials have invested in socially responsible investments.
- 25% of millennials have invested in retirement accounts like IRAs or 401(k)s.
- 32% of millennials have received a cash gift or inheritance in the past year.
- 45% of millennials have a budgeting app to track their expenses.
Interpretation
Millennials are making strides in financial responsibility while also embracing modern tools and investing trends. With a strong emphasis on saving for retirement and setting financial goals, it's clear they are taking their financial futures seriously. However, the statistics also show a mix of traditional and innovative approaches, from homeownership and stock market investing to using budgeting apps and robo-advisors. This generation is not only focused on building wealth but also on sustainability and ethical investing, reflecting a holistic approach to managing their money. So, while they may prioritize experiences over material items, millennials are proving that smart financial decisions and a keen eye on the future are not mutually exclusive.
Side hustles
- 53% of millennials have a side hustle for extra income.
- 29% of millennials own cryptocurrency.
- 20% of millennials have invested in cryptocurrencies.
Interpretation
Millennials, the generation known for avocado toast and Instagram stories, are proving they are not just about hashtags and selfies when it comes to their finances. With over half hustling on the side for some extra cash, it seems they are determined to make their mark in the world of finance. And with nearly 1 in 3 dabbling in the world of crypto, it's clear they are not afraid to take risks and embrace the ever-evolving landscape of digital currencies. As they say, diamond hands and blockchain dreams – the millennials are here to disrupt and diversify their portfolios one gig at a time.
