Study Shows Millennials Deserve More Credit

Dated: 01/31/2018

Views: 41


Study Shows "Millennials Deserve More Credit" | MyKCM

When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.

A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:

“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”

Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:

  • 63% are saving – (47% have $15,000 or more in savings)

  • 54% are budgeting – (73% who have a budget stick to it every month)

  • 57% have a savings goal – (67% who have a goal stick to it every month)

  • 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)

  • 59% feel financially secure – (16% have $100,000 or more in savings)

Many have wondered if millennials even want to own their own homes or if they would choose to rent instead. Well, not only do they want to own their own homes, but many already do and are looking to trade up! A recent study by realtor.com shows that 49% of Americans who plan to sell their home in the next 12 months are millennials!

Danielle Hale, realtor.com’s Chief Economist, gave some insight into why millennials are looking to sell,

“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”

Bottom Line

Not every millennial fits into the stereotypes that are so prominent in our society. Those who have risen above the stereotype are ready and willing to buy a home of their own, and many others already have!

«

Blog author image

Jim Reidenbaugh

I have been an entrepreneur throughout my adult life, and after being involved in various business ventures in my early 20’s I went back to school and completed my degree in economics and studied bu....

Latest Blog Posts

Dont Let Summer End Without One More Party

Add Some Style To Your Summer BarbecueAll you really need for a good barbecue is a grill and some paper plates, but it’s the details that turn a simple cookout into a summer celebration. And it

Read More

Jul 2 2018 53870 1

Planning a beach vacation this summer?Posted on July 6, 2018 by TimSummertime is beach season, so it’s no wonder the first week of July is national Clean Beaches Week. A little

Read More

Heres To You Dad

Are you ready to celebrate Father’s Day? This year, the “old man’s” day falls on Sunday, June 17. Depending on your dad’s interests, you may have a lot of planning to do, or you’re

Read More

Read This Before You Start Spring Cleaning

Spring has sprung, and that means flowers, sunshine, and hours of cleaning. For many people, spring cleaning is an annual tradition. Unless you happen to be an animated princess, you probably’

Read More