Brokers will likely find Millennials’ housing priorities especially surprising
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Brokers will likely find Millennial’ housing priorities especially surprising.
Many Millennials have a “hands-off” approach with their money, opting for a more relaxed savings and budgeting plan than previous generations, according to a recent study.
“Hands-off customers may handle their finances differently than previous generations, but they still think about money and preparing for the future,” Colin Walsh, co-founder and CEO of Varo Money, said.
Varo Money released its Love and Money survey Tuesday, which focused, in large part, on Millennial money habits.
It found 68% of Millennials are hands-off with their finances, checking bank balances regularly and having a general idea of what they spend each month. That large cohort, however, does not have a sophisticated budget in place.
“Just because they are spreadsheet-averse, however, doesn’t mean they aren’t interested in saving: fully half (50 percent) automatically save a percentage of each paycheck,” Varo Money said in its study. “Another 39 percent are looking for a higher-paying job to facilitate saving, and 36 percent make coffee at home instead of buying lattes.”
The study, which included “hundreds” of Millennials, found that age group prioritizes travel and saving money.
In what was likely a tongue-in-cheek question asked of survey takers, the study found many Millennials are getting ahead financially by foregoing avocado toast, which has recently come under fire by one Australian developer as the reason young people have trouble affording homes.
Speaking of real estate, the study found a mere 27% of Millennials are saving for a place of their own.
While that may seem low, it beats out a new wardrobe (12%) and luxury cars (11% of men alone).
It should be noted the study participants were American – though habits will likely align with Canadian Millennials as well.
Many Millennials have a “hands-off” approach with their money, opting for a more relaxed savings and budgeting plan than previous generations, according to a recent study.
“Hands-off customers may handle their finances differently than previous generations, but they still think about money and preparing for the future,” Colin Walsh, co-founder and CEO of Varo Money, said.
Varo Money released its Love and Money survey Tuesday, which focused, in large part, on Millennial money habits.
It found 68% of Millennials are hands-off with their finances, checking bank balances regularly and having a general idea of what they spend each month. That large cohort, however, does not have a sophisticated budget in place.
“Just because they are spreadsheet-averse, however, doesn’t mean they aren’t interested in saving: fully half (50 percent) automatically save a percentage of each paycheck,” Varo Money said in its study. “Another 39 percent are looking for a higher-paying job to facilitate saving, and 36 percent make coffee at home instead of buying lattes.”
The study, which included “hundreds” of Millennials, found that age group prioritizes travel and saving money.
In what was likely a tongue-in-cheek question asked of survey takers, the study found many Millennials are getting ahead financially by foregoing avocado toast, which has recently come under fire by one Australian developer as the reason young people have trouble affording homes.
Speaking of real estate, the study found a mere 27% of Millennials are saving for a place of their own.
While that may seem low, it beats out a new wardrobe (12%) and luxury cars (11% of men alone).
It should be noted the study participants were American – though habits will likely align with Canadian Millennials as well.
