Millennials and Money
Fidelity Investments recently completed a study on the money habits of Millennials (ages 25-35 in the study) and found some facts that make it clear this group of adults is very different from their older cohorts. For example:
- On average, Millennials have a higher amount saved to cover an emergency compared to both Gen X and Boomers. Millennials estimate this amount will cover about six and a half months of living expenses.
- Compared to Gen X and Boomers, Millennials are more likely to be working to pay rent, pay off student loans and purchase a home.
- When asked how they would describe their general approach to finances, Millennials view themselves more as spenders (44%) or savers (46%). Only 9% describe themselves as an investor, despite the fact that 63% of Millennials currently have an investment account.
- The top financial issues Millennials are trying to tackle: accumulating more savings for retirement (44%), building an emergency fund (44%), paying for essential living expenses (38%), reducing credit card debt (33%), and paying off student loans (30%).
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