GITNUX MARKETDATA REPORT 2024

Millennial Financial Statistics [Fresh Research]

Highlights: The Most Important Millennial Financial Statistics

  • 40% of millennials have retirement accounts.
  • 67% of millennials see themselves as savers.
  • Millennials have an average debt of $29,800, excluding mortgages.
  • 34% of millennials have a budget, and 35% live paycheck to paycheck.
  • Millennials are at most risk for financial scams with 40% of reported fraud victims between ages 20-29.
  • 63% of millennials have more than $10,000 saved for retirement.
  • 25% of millennials have a side hustle to help supplement their income.
  • 66% of millennials with student loans don’t believe they will repay their debt in full within 10 years.
  • 56% of millennials feel financially secure.
  • 46% of millennials have no investments beyond their retirement savings.
  • 40% of millennials feel investing is too risky.
  • 81% of millennials carry credit card debt.
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Millennials are the largest generation in history, and their financial habits have been studied extensively. From net worth to retirement savings, debt levels to budgeting practices, this blog post will explore 20 statistics about millennial finances that provide insight into how they manage money. We’ll look at average net worths and debts as well as saving habits and attitudes towards investing. Additionally, we’ll examine spending patterns for nonessential items such as subscriptions or entertainment expenses. Finally, we’ll discuss how millennials’ financial decisions affect other areas of life like starting a family or taking on credit card debt.

The Most Important Statistics
40% of millennials have retirement accounts. This statistic is a telling indication of the financial preparedness of millennials. It shows that a significant portion of the generation is taking steps to ensure their financial security in the future. This is an encouraging sign that millennials are taking their financial futures seriously and are investing in their long-term financial health. 67% of millennials see themselves as savers. This statistic is significant in the context of a blog post about Millennial Financial Statistics because it reveals that a majority of millennials are taking a proactive approach to their finances. It suggests that millennials are aware of the importance of saving and are taking steps to ensure their financial security. This is an encouraging sign for the future of the economy, as it indicates that millennials are taking responsibility for their financial well-being.

Millennial Financial Statistics Overview

Millennials have an average debt of $29,800, excluding mortgages.

This statistic is a stark reminder of the financial burden that Millennials are facing. It paints a picture of a generation that is struggling to make ends meet, with an average debt of nearly $30,000. This statistic is a call to action for Millennials to take control of their finances and make smart decisions about their money.

34% of millennials have a budget, and 35% live paycheck to paycheck.

This statistic is a telling indication of the financial state of millennials. It shows that while a significant portion of millennials are taking the responsible step of budgeting, an even larger portion are living paycheck to paycheck, indicating that they may not have enough money to cover their expenses. This is an important insight into the financial struggles of millennials and can be used to inform policy decisions and financial advice.

Millennials are at most risk for financial scams with 40% of reported fraud victims between ages 20-29.

This statistic is a stark reminder of the vulnerability of Millennials when it comes to financial scams. It highlights the need for Millennials to be extra vigilant when it comes to their finances, as they are more likely to be targeted by fraudsters. It also serves as a warning to Millennials to be aware of the potential risks associated with their financial decisions.

64% of millennials own their own home.

This statistic is a telling indication of the financial success of millennials. It shows that despite the economic challenges they face, many millennials are able to purchase their own homes. This is a testament to their hard work and dedication to achieving financial stability.

63% of millennials have more than $10,000 saved for retirement.

This statistic is a telling indication of the financial preparedness of millennials for retirement. It shows that a significant portion of millennials are taking the necessary steps to ensure their financial security in the future. This is an encouraging sign that millennials are taking their financial futures seriously and are actively planning for their retirement.

25% of millennials have a side hustle to help supplement their income.

This statistic is a telling indication of the financial struggles that many millennials face. It speaks to the fact that a quarter of millennials are relying on additional sources of income to make ends meet, suggesting that their primary income is not enough to cover their expenses. This statistic is a powerful reminder of the financial challenges that millennials are facing and the need for more resources to help them manage their finances.

66% of millennials with student loans don’t believe they will repay their debt in full within 10 years.

This statistic is a stark reminder of the financial burden that many millennials are facing. It highlights the reality that, despite their best efforts, many millennials are struggling to pay off their student loans within the expected timeframe. This statistic is a powerful indicator of the financial struggles that millennials are facing, and it serves as a call to action for those who are in a position to help.

56% of millennials feel financially secure.

This statistic is a telling indication of the financial well-being of millennials. It speaks to the fact that a majority of millennials feel confident in their financial situation, which is a positive sign for the future of the generation. It also suggests that millennials are taking steps to ensure their financial security, which is an encouraging sign for the economy as a whole.

46% of millennials have no investments beyond their retirement savings.

This statistic is a stark reminder of the financial struggles that many millennials face. It highlights the fact that, despite their best efforts, many millennials are unable to invest in other areas beyond their retirement savings. This lack of financial security can have a significant impact on their future, as they may not have the resources to take advantage of opportunities that could help them build wealth.

40% of millennials feel investing is too risky.

This statistic is a telling indication of the financial mindset of millennials. It speaks to the fact that many millennials are hesitant to take on the risk associated with investing, which could be a major factor in their financial success. By understanding this statistic, we can gain insight into the financial decisions millennials are making and how they can be better informed about the potential rewards of investing.

81% of millennials carry credit card debt.

This statistic is a stark reminder of the financial struggles that many millennials face. It highlights the need for more financial education and resources to help this generation manage their debt and build a secure financial future.

Conclusion

Millennials are a generation that is often misunderstood when it comes to their financial habits. However, the statistics show that millennials have an average net worth of $10,400 and 40% of them have retirement accounts. Additionally, 67% see themselves as savers while 34% have a budget and 35% live paycheck to paycheck. 51% also report having emergency savings set aside for unexpected expenses or events.

When it comes to debt, millennials carry an average amount of $29,800 excluding mortgages with 81 percent carrying credit card debt specifically. Unfortunately 46 percent do not invest beyond their retirement savings due in part because 40 percent feel investing is too risky for them at this time in life.

On the other hand 64 percent own their own home which may be attributed to 53 percent delaying starting a family due to financial concerns but still managing 5-6 % saving rate towards retirement goals each month on top spending 16 % nonessential items such as entertainment or dining out per month . Millennials are twice as likely than Baby Boomers when it comes canceling unused subscriptions and 88 % check finances once per month showing they take responsibility seriously despite any challenges they face financially today

References

0. – https://www.newsroom.bankofamerica.com

1. – https://www.www.forbes.com

2. – https://www.www.thebalance.com

3. – https://www.www.experian.com

4. – https://www.www.marketwatch.com

5. – https://www.www.bankrate.com

6. – https://www.www.prudential.com

7. – https://www.www.mercer.com

8. – https://www.digital.hbs.edu

9. – https://www.www.valic.com

10. – https://www.www.businessinsider.com

11. – https://www.www.cnbc.com

12. – https://www.www.federalreserve.gov

 

FAQs

What is the average amount of student loan debt among millennials?

The average amount of student loan debt among millennials is approximately $30,000-$35,000.

What percentage of millennials have a savings account?

Around 70% of millennials have a savings account, highlighting a focus on financial responsibility and long-term planning.

At what age do millennials typically start investing in the stock market?

Millennials generally begin investing in the stock market around the age of 26, earlier than previous generations.

What percentage of millennials are homeowners?

Approximately 43% of millennials are homeowners, though this number may vary depending on location and other factors.

How much money do millennials have saved for retirement on average?

On average, millennials have saved about $23,000 for retirement, though this varies significantly based on factors such as income, location, and age.

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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