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

Quote of the Day: “When deciding what products to buy, what’s most valuable to me is reviews from users regardless of whether or not I know them.”—Female, 32, MA

Adidas is continuing to take customization to the next level, with a new pop-up store that creates custom clothes in a majorly futuristic way. Knit For You, located in Berlin uses a laser body scanner to determine exact measurements for their personalized merino wool sweaters. To select their design, shoppers go into a dark room where patterns that can be adjusted with hand gestures are projected on their chests. The final chosen product is then knitted, washed, and dried in-store to be picked up in hours, for the price of $215. (Business Insider

BuzzFeed’s wildly popular food platform Tasty is expanding into the coffee business. In a partnership with NBCUniversal, Tasty has begun selling Brooklyn Roasting Company coffee beans, and of course, they’re “offer[ing] a quiz to help with decision making.” Quiz-takers will be asked about their favorite fruit, how they feel about caffeine, what their ideal morning is like, and more, to which they can answer with emojis. Once the coffee choice is made, consumers can make it even more personal by creating their own labels. (Grub Street)  

Chinese Millennials are using digital devices for “connection, discovery and actualization,” more often than their American counterparts. A recent global survey from Labbrand found that 85% of Chinese Millennials are using their phones to make in-store payments on a weekly basis, compared to 44% of U.S. Millennials. They’re also more likely to broadcast their behavior online: Over seven in ten Chinese Millennials are posting movie, restaurant, travel, and other activity-related reviews weekly and over half say they share everything they do online, compared to 44% and 28% of U.S. Millennials respectively. (ReadITQuik

What cities are Millennial homebuyers flocking to? According to an analysis by LendingTree, the top three are Pittsburgh, Washington, D.C., and Des Moines, Iowa—based on mortgage requests by those 35 and under. The online loan company says that on average 36.1% of all their mortgage requests came from the age group, a slight increase from the year before, which they say is “thanks to a stronger jobs market and overall economy.” They expect to see more young buyers looking for homes as financial situations keep improving. (Yahoo FinanceCredit.com

YouTube is being criticized for filtering LGBTQ content. Recently, YouTube creators have discovered that some content featuring LGBTQ titles and themes are being filtered when users enable “Restricted Mode” to screen out “potentially objectionable content.” YouTuber Neon Fiona pointed to her own page as evidence, citing that videos with “girlfriend” in the title were filtered under the mode, but videos with “boyfriend” in the title were not. Not all LGBTQ content is filtered and one YouTuber observes, “This is something that no one’s really sure how it’s working.” (Tubefilter

Quote of the Day: “When I was watching the Super Bowl, I switched the channel or left the room when it was a commercial break.”—Male, 27, MN

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