Millennials Sound Off: Their Biggest Financial Priority Right Now

We asked 800 18-33-year-olds to tell us their biggest financial priority at this point in their lives…

When we ask Millennials how they feel when they think about money, optimistic is the response chosen most (33%), followed by fortunate (32%)—but just as many also say they feel nervous (32%) and overwhelmed (31%). Clearly, their feelings on finances are complicated.

The Bank of America Merrill Lynch reports that Millennials’ income will triple over the next 15 years, and we know they’re already outspending Boomers in multiple categories. That being said, it’s no secret that their finances are a major concern for them. The generation graduated into the Great Recession, and not only are they still in recovery mode, their financial behavior and priorities have been forever changed by the economic event. A survey of 18-34-year-olds by website GOBankingRates found that a “majority of young adults are prioritizing their finances over their social lives." Over half of Millennials surveyed would rather experience “FOMO” (fear of missing out) than be “financially strained,” and almost 60% say that if going to an event would put financial strain on their loved ones, it’s not worth it.

Of course, their financial priorities have also been impacted by their formative years during economically unstable times—as evidenced by their delay of major life milestones like moving out of their parents’ houses, weddings, buying houses and cars, and having babies. But those big events are being tackled as their financial situations improve, prompting us to wonder what their financial priorities are today. In our most recent survey on personal finance, we asked them to tell us, and 800 18-33-year-olds responded to the question, “What is the biggest financial priority at this point in your life right now?”…

 
 

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The Newsfeed

“I eat whenever I need to...I don’t follow the conventional breakfast, lunch, dinner setup.”

—Male, 29 VA

Over half of Millennials believe “money can buy happiness.” Fifty-three percent of 22-39-year-olds believe the more money you have, the happier you are, compared to 38% of Americans overall, according to Mintel. The research also shows Millennials are optimists: a little over half are confident in their financial futures, although nearly a third consider paying off credit card bills their greatest financial challenge. Considering the Ypulse financial tracker shows 59% of 18-34-year-olds have debt, we’re not surprised. (MediaPost)

Mickey Mouse Club is coming back for a new generation, and they know just where to find them: social media. Disney announced at Vidcon that the new rendition of the variety show will be released in snackable snippets on social media only. The show will search for future stars with little to no social followings, but big, undiscovered talents, such as choreography and songwriting. Disney is winning out with Millennials and this nostalgic hit should be right on brand; you can see it at the end of August on the Oh My Disney Facebook channel. (THR)

Summer camp costs more than ever before, and some parents are paying big bucks for their children to rough it. Sleepaway camps cost an average of $768 a week, up from $397 in 2005, for often less-than-luxe accommodations. Affluent parents who want their kids to “just be normal” are sending them to camps that can cost $20,000 for basic room and board that “smells a little mildewy,” where kids do their own laundry, clean their rooms, have roommates, and engage in typical camp activities—macaroni art, anyone? (MarketWatch)

Taco Bell has built brand love and a loyal fan following across digital. Their record-breaking giant taco head Snapchat lenswas just the beginning of their successful social marketing strategy, which involves treating each platform differently. The latest example is their YouTube series, Taco Tales, which includes 40 pieces of long-form content catered to their fans. They’ve accrued 10.5 million Facebook fans, 1.85 million Twitter followers, and 60,000 YouTube subscribers with their “wacky,” authentic brand voice in an effort to not just people-please, but to be themselves—which may be why they’re one of young adults’ favorite fast food restaurants.

(The Drum)

More evidence that Millennials still love analog books: They’re the most likely generation to use public libraries, according to a Pew Research Report. More than half of 18-35-year-olds have frequented a public library in the last twelve months, compared to 45% of Gen X, 43% of Boomers, and 36% of Silents. University libraries were specifically not counted, so being college-aged isn’t giving them any advantage, either. The finding goes hand in hand with Ypulse data that shows reading is 13-34-year-olds’ biggest hobby. 

“The wedding trend I have noticed is the white wedding dress being phased out and an array of colors and styles being used.”

—Female, 32, FL

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