- A 2016 REPORT -

FINANCE
MILLENNIALS & MONEY
WHO ARE THE
MILLENNIALS
Millennials (also Generation Y to
known as Generation describe those who
Y, Generation Me and were aged 11 or
Echo Boomers) are the younger as well as the
demographic cohort teenagers of the
following Generation upcoming ten years
X. There are no precise who were defined as
dates for when this different from
cohort starts or ends; Generation X.[4] Since
demographers and then, the company has
researchers typically sometimes used 1982
use the early 1980s as as the starting birth
starting birth years year.[5] According to
and ending birth years Horovitz, in 2012, Ad
ranging from the mid- Age "threw in the
1990s to early towel by conceding
2000s. In August 1993, that Millennials is a
an Ad Age editorial better name than
coined the phrase Gen Y".
 WHAT WE KNOW ABOUT THEIR FINANCES

91% 67% 49%

of renters age 25-34 percent of Asian and would trust
plan to buy a home at White Millennials information from
some point in the prefer online access banks when making
future. Forty-four for financial financial decisions.
percent say they’re transactions. However, Responsibility is the
currently renting to just 53 percent of top concern when
financially prepare for Black Millennials choosing a financial
homeownership. prefer online access. company.
ONLY 20%
OF MILLENNIALS
THINK THEY’LL
BE ABLE TO
RETIRE AT 65.
1 IN 2
MILLENNIALS
do not have enough money for their
day-to-day needs. While only 37
percent of the generation report
having a financial plan, 86 percent
are saving money each month,
according to a report conducted by
Facebook.

60%
OF MILLENNIALS
are not actively saving for the
future. The research revealed their
beliefs and attitudes towards money
and uncovered how their goals and
values differ based on ethnic and
cultural backgrounds.
WOMEN
ARE THE ONES WHO PROPEL THE
FINANCIAL CONVERSATION

Millennials drive 40 percent of the financial

conversation on Facebook, generating around 6.5
million posts, comments, likes and shares each
month.
ONE IN FOUR

MILLENNIALS

OVERSPEND.
FEMALES
More than 60 percent of all
content pertaining to peer-
to-peer payments, loans
and mortgages, banking,
investments and credit
cards is dominated by
female users.
NO TRUST OPEN-MINDED
Debt, credit scores and Nearly half of the
financial guidance are generation is open to
among the top concerns for swapping their bank, credit
this generation. An card company or brokerage
estimated 53 percent of account and a third
millennials report not describe their current bank
having someone they trust in unflattering terms
for financial guidance
 MILLENNIALS ARE

REDEFINING

FINANCIAL SUCCESS!
According to Facebook, some 46 percent believe that financial success means being
debt free. Owning a home was considered a top priority by 21 percent of millennials,
while only 13 percent cite being able to retire are their main financial priority.
- FINANCE: MILLENNIALS & MONEY -

END
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