Millennials are optimistic about their financial future
BUSINESS RECORD STAFF Oct 5, 2015 | 8:14 pm
1 min read time
273 wordsAll Latest News, Banking and FinanceMillennials are looking into the future and feeling pretty good about what they are seeing, according to a Wells Fargo & Co. survey.
The survey also detected a bit of a generational divide. The survey was of 2,000 people ages 18 to 65. The majority of respondents expressed optimism about their finances, with millennials having the sunniest outlook. A survey in 2014 found that all generations were equally optimistic, according to a release.
“This latest survey reflects strong optimism on the part of America’s youngest adult consumers and also tells us consumers in general want to learn more about how credit works,” Shelley Freeman, head of Wells Fargo’s Consumer Credit Solutions group, said in the release.
Here are some of the results:
- Twenty-eight percent of millennials rate their current financial situation favorably, compared with 24 percent of the general population.
- Looking ahead, 66 percent of millennials feel their personal financial situation will improve, compared with 48 percent of the general population.
- Millennials are most likely to be in the process of refinancing their mortgage or buying an investment property, vacation home or new home for themselves.
- Nearly a one-third of millennials say they plan to buy a new home in the next three years, compared with 19 percent of their general population counterparts.
Overall, 82 percent of respondents said their financial situations today are stable to strong and 90 percent said that they expect their personal financial situations will stay the same or get better a year from now.
However, more than half said they are uncomfortable borrowing money, and 34 percent graded their understanding of personal finances as a “C” or below.
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