For many Americans, managing their finances was harder last year than it has been in the past. That hasn’t stopped people from setting financial goals. A report [download page] from Morning Consult indicates that Millennials, in particular, are working towards several financial goals. Here’s a look at some of those goals and how they compare to adults, in general.
It turns out that Millennials are more likely than adults on a whole to be working towards nearly all the financial goals listed in the survey of 2,200 US adults. Some 8 in 10 adults surveyed set a financial goal of establishing an emergency fund; however, closer to 9 in 10 (89% of) Millennials say this financial goal applies to them. Likewise, Millennials are more likely than the general adult population to say they are creating and maintaining a budget (89% of Millennials vs. 79% of all adults), evening out their spending month to month (87% vs. 75%), improving their credit (86% vs. 75%) and investing money (85% vs. 70%). They are also far more likely to say they are supporting family members financially (80% vs. 57%).
An above-average share of Millennials are expressing concerns about financial matters, with more than half (53%) saying they are concerned that the money they have or will save won’t last, while 46% say their finances control their lives. That said, they were also most likely to say they sought out and consumed financial advice in December 2021.
Millennials also are turning to alternative financial services. Close to 6 in 10 (58%) use at least one digital bank, a figure far higher than the US adult average of 31%. And, as of December 2021, an above-average share of Millennials purchased a money order from somewhere other than a bank or credit union, cashed a check through a provider other than a bank or credit union, and paid bills through a service such as Western Union or MoneyGram.
The full report can be found here.
About the Data: Findings are based on a December 2021 survey of 2,200 US adults.