Many young Americans are not the fickle, transient beings that some would have us believe, at least when it comes to their finances
Many young Americans are not the fickle, transient beings that some would have us believe, at least when it comes to their finances.
A Bank of America report suggests that Millennials (23-37 years old) are taking their finances very seriously and know what they want their money to achieve.
Among those financial goals is owning their own home with 33% of Millennials who are saving are doing so to become homeowners.
And a healthy number of Millennials are saving (63%), with a similar proportion of Gen Xers (64%) and three quarters of Boomers also putting money away.
When it comes to having a financial goal, Millennials outpace the older generations (57% compared to 42% of the two other groups) and they are also more likely than Gen Xers to feel financially secure (59% vs. 54%). Although Boomers feel the most secure (63%).
Despite their financial prudence, 1 in 5 Millennials is worried about being able to afford a home and finances are the top source of tension in their households (25%).
While the younger generation is keen to achieve a good work-life balance (69% had chosen a job for that reason), they are also more likely than older respondents to the BoA poll to ask for a raise.
Eighty percent who ask for a raise are successful too, moving them that little bit closer to their homeownership goal.
