Better Money Habits Millennial Report
Millennials are a group that will shape our nation’s economic landscape for decades to come. Over the course of two years, Bank of America has worked with USA TODAY to survey thousands of millennials and parents of millennial children to gain insight into their money mindset. Here is the latest from the Fall 2015 edition of the report.
Our Fall 2015 report found that,
- While 84 percent of millennials are confident in their ability to manage their finances, 41 percent are “chronically stressed” about money
- Millennials’ top areas of financial stress include not putting enough money into savings, spending more than they should and facing adulthood
- Even though they’re confident in their ability to manage them, they feel less experienced in their actual knowledge of finances (17%) as opposed to their expertise in things like social media (34%) and food (33%)
- Millennials spend the same amount of time tending to personal finance as they spend working out (3 hours avg. on each per week). Yet only 40 percent believe they are currently financially fit, while 61 percent are physically fit