Many of us are concerned about money—spending it; saving it; having enough of it—hence this timely “Young Money Survey” which asked millennials and GenZers about their money habits and attitudes…
- On average, our 15- through 21-year-olds expect to be financially independent by 22.
- 91% of their parents say they expect their kids to be financially independent by 25.
- When high expectations bump up against financial realities, though, 48% of young adults report experiencing “quarter-life crises.”
- 63% of GenZers and 64% of millennials believe wealth is defined more by how you live than by how much money you have.
- More than 50% of these young adults expect to be “more successful” than their parents.
- 20% of millennials say they “still can’t afford to save;” those who do, set aside less than $200/month.
- 30% of GenZers don’t budget because they say they’re too young or haven’t learned how to.
- On average, GenZers say their emergency funds could cover five months of expenses vs. 8 months for millennials.
- 66% of GenZers and 50% of millennials turn to their parents the most for financial advice; friends are a distant second.
And one last item of note: While about 20% of millennials expect they’ll still be financially dependent on their parents into their 30s, most of the parents say that, past 27, that would be “embarrassing.”
These findings also beg the question, nowadays, when does adulthood begin?
~ With my many thanks, Carol (schoolwisebooks.com)