Are Millennials Financially Ready for the Future?

Survey finds Millennials’ long-term financial attitudes and habits were greatly impacted by what they were taught as children.

Millennials already represent the largest percentage of the workforce in the country, and with graduation season approaching, a new group of millennials is about to begin their careers.

This group has many working years ahead of them and thus tremendous earning potential, so it’s valuable to understand their mindset. How do millennials view money, saving and investing, and how much have the lessons they learned in childhood influenced their financial habits and attitudes? See what a new survey reveals about this.

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View the full PNC Investments Millennials & Investing report »

 

Millennials: Ready for the Future?

Millennials* learned about saving money at a young age and their parents encouraged them to save. However, they received less guidance on investing.

"Parents always encouraged me to save money."

  • 12 percent disagree
  • 26 percent ambivalent
  • 62 percent agree

"Parents showed me more ways to increase wealth than just via a job."

  • 32 percent disagree
  • 35 percent ambivalent
  • 33 percent agree

48 percent have an emergency fund.

38 percent feel in complete control of my financial well-being.

33 percent confident I'm saving enough for the future.

*79 percent of millennials 25-29 say parents talked to them about managing finances vs. 70 percent among those 30-35.

 

Source: PNC Investments Millennials & Investing Survey

Rich Ramassini
PNC Investments’ Rich Ramassini says that millennials should devise a comprehensive financial plan, consisting of an emergency fund, a mix of savings and investing and a clear understanding of their goals.

Seventy-nine percent of millennials between the ages of 25-29 said their parents talked to them about managing finances, while 70 percent of millennials between the ages of 30-35 said the same.


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