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…