Millennials’ Top 15 Financial Priorities Show Why They’re Behind

This generation’s biggest financial goals right now paint a clear picture of the milestones they hope to tackle—and why they might be behind on some.

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. But is it any surprise? Money (more accurately, lack of it) is what’s causing them so much stress. A new study shows 18-34-year-olds spend an average of four hours a week at work fretting over their finances, twice as many as Gen X, and four times Boomers. The stress doesn’t stop when they leave the office: 68% said finance-related worry is hurting their overall physical health. And when our latest financial tracker shows 62% of Millennials are in debt, who can blame them? On top of that, over half of 18-35-year-olds say they’re worried that they’ll never meet their financial goals, according to Ypulse research.

But the majority are working towards those goals, with 95% telling Ypulse that saving is important to them, and, though they’re notoriously late in reaching adult milestones compared to other generations, there are continuous signs that they are reaching them in their own time. We got a more clear picture of what milestones they’re planning to tackle next, and what their biggest financial goals are right now in our latest survey on personal finances and services, when we asked 18-35-year-olds to tell us, “What’s your biggest financial priority at this point in your life?”* Their top responses give us a better idea of why the generation has delayed some of the traditional markers of adulthood, and what they’re hoping for in the future:

*This was an open-end response question to allow us to capture the full range of…

 
 

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The Newsfeed

Quote of the Day:  Millennials have grown up in a world where consuming wine outdoors—or any location outside of the traditional table—is more acceptable than generations past.”—Kate McManus, VP of Marketing, Delicato Family Wines (Wine Spectator)

Young consumers are “killing the shopping spree.” Whether they’re signing up for the growing number of clothing subscription services (Rent the Runway, Le Tote, Urban Outfitters, etc.), shopping second-hand, or just culling their closets—young shoppers are quitting fast fashion in droves. Some are inspired by Marie Kondo’s joy-sparking brand of minimalism, while others want to help the environment—and still others are just seeking a wide range of things to wear at a lower price. (Vice)

Airbnb is launching “adventures” for experience-seeking young travelers. The site that started with accommodations and moved into one-off “experiences” (like dinner parties) now offers multi-day excursions, complete with guides, gear, meals, and accommodations. The platform already features over 200 trips in 40 countries, including a tiger-tracking expedition in Kenya and a trek through the canyons of Oman. (Fast Company)

Tyson Foods is taking on the fake meat market with plant-based nuggets. The pea protein nuggets are the first in a line of “Raised & Rooted” products from Tyson Foods. The brand's CEO explains they’re catering to the “growing number of people open to flexible diets that include both meat and plant-based protein”—aka young flexitarians, not full-time vegans. But can a company known for its meat sell the idea that “this [trend] is about ‘and’—not ‘or’”? (The Verge)

Snapchatters can shop Levi’s new Pride Month jacket via selfie filter. The Shoppable feature is first enabled by scanning a QR code found at select stores or by getting a special Snapcode from a friend. Then, users can try on the special-edition trucker jacket via augmented reality, customizing it with one of two washes and a selection of six pins and patches. Once they complete the look, users can purchase the Pride Month Jacket—without ever leaving the app. (SJ)

Amazon’s new Echo Dot Kids Edition revamps the original. The new smart speakertakes many cues from the adult version’s second generation (it’s louder and rounder) but adds special features just for kids that go beyond a rainbow-striped color scheme. The device will come with a year of FreeTime Unlimited, a subscription service that includes popular Alexa skills like Pinkfong’s Baby Shark Adventures, as well as an enhanced parental control suite to address growing privacy concerns. (VarietyCNET)

Quote of the Day: “Young people still have an incredible interest in the Olympic Games…But the way they are consuming the Olympic Games—the type of content they are watching and the ways and the platforms on which they are watching—are fundamentally changing.”—Kit McConnell, Sports Director, International Olympic Committee (Bloomberg)

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