The Millennial Approach to Money

Millennials are more confident than any generational group about managing their personal finances. However, could this perceived level of competence actually be somewhat premature?

Survey statistics show that millennials actually have somewhat contradictory views on banking, investing, and managing credit:

The reality appears to be that millennials have a steep learning curve in the financial realm.

Here are just some of the contradictions that can be found in this data:

• 87% feel confident about investing but 70% hold their savings and investments in cash
• 65% feel confident about their future finances but 48% don’t know their credit score
• Despite being digital natives, only 40% would stop using cash if cards could be used for all transactions
• 60% distrust financial markets and 46% believe investing is too risky
• 58% of Millennials are interested in robo-advisors, yet at the same time 64% say that a personal relationship with an advisor is important

Millennials are at the beginning of their lifelong personal finance journey – and it seems they still have lots of learning and self-discovery to do in this space.