According to a recent study, the financial activities of today’s young adults (ages 23-37) include the following:
- One in four millennials are concerned about not having enough money saved.
- Over 70 percent of these young people believe their generation overspends, and 64 percent believe that their generation is bad at managing money.
- Over 60 percent of millennials are saving, and 67 percent are consistent in working toward a savings goal.
These money attitudes and behaviors are reported in the fifth edition of our Better Money Habits Millennial Report, with these additional findings:
- A reported 73 of millennials who have a budget, stay within their budget every month or most months.
- Nearly half (47 percent) of millennials have $15,000 or more in savings.
- While 16 percent millennials have $100,000 or more in savings.
Millennial parents are sensitive to child-raising costs. While older generations report that finances weren’t a main factor in the decision to have children, millennial parents believe the opposite. While many are paying off their own student loans, nearly a quarter of older millennials are saving for their children’s education.
For additional information on money habits of millennials, click here.
- Have students talk to friends to obtain information about their budgeting and saving habits.
- Have students locate and report on an app that would help guide their spending and saving activities.
- What attitudes and behaviors did you learn when you were young that influence your spending and saving habits today?
- Based on these research results, what money management suggestions would you offer to others?