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.
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
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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1. Survey Methodology
The Millennials & Investing Survey was commissioned by PNC Investments to identify attitudes and behaviors of millennials. The study was conducted online between Jan. 16-25, 2018 among a cross section of millennials age 21 to 35 with self-reported investable assets of $5,000 or more or those who have a qualified retirement plan (i.e., a 401(k) and/or 403(b)) and at least $1,000 in investable assets. Survey results are balanced in accordance of the US Census population distribution for age and gender to ensure representativeness. No weighting was required.
The survey was designed by Chadwick Martin Bailey, a market research firm specializing in custom research.