Millennials Investing Habits in 2018
The youngsters born in the beginning of the 1980s and the late 1990s are completely different then their parents!
These age groups are also known as Millennials and they have a pretty bad reputation when it comes to managing their investments and finances.
Some Finance points about Millennials:
Retirement and Saving for Retirements is Definitely not on their mind.
This age group is struggling with paying off debt so saving for retirement, let alone saving for it is not something they do.
Over 60% of millennials say that paying off their debt is their priority, way ahead of savings.
An amazing fact is that millennials have a total of $1 trillion in student debts!
Over 60% of millennials have a bachelor’s degree.
Over 60% of millennials would prefer making $40k per year at a job they love, then $100k per year at a job they see as boring.
Many of millennials remember well the stock market crash in 2001 and the changes in economy in the year of 2008. They remember family members losing jobs and how difficult it was to land a job right of out school. Most millennial prefer to hold on to cash. Older generations put most of their cash into stocks.
Millennials want to retire early and have little to no intention to work when they are older. While their parents work well into their 60s, millennials tend to retire by that age.
Millennials also expect to have a much longer life span then their parents and grandparents!
Millennials like to invest in simple investments. Complicated investments are not something they wish to get involved in!
Lower then 40% of millennials have a 401k plan, while over 50% baby boomers have 401k plan.
A new study shows that about 25% of millennials have less then $1,000.
Over 50% of millennials would not work at company if they ban social media use during work hours.
Over 50% of millennials want to start their own business.
Over 80% of millennials believe that making a positive change in the world is a high priority for them.
Over 80% of millennials have no landline and rely solely on their phone.
The above is a simple overview of millennials behavior. Though they face challenges millennials have proven to have change the world and have significant affects on the economy!