MoneyTips has invited hundreds of Millennials to participate in a survey identifying the attributes and behaviors that bring financial success to young adults. As we did with our Retiree study , we will publish the final results in an exclusive e-book of tips to help young Americans achieve financial independence.
Among the 211 respondents who have completed the survey thus far, more than half (55%) are satisfied with their current standard of living. Out of these financially successful Millennials, 68% have a bachelor degree or higher. Kids, stay in school! Nearly all of them (91%) believe themselves to have at least an average level of financial literacy. This group is informed and self-assured, with only 27% relying on investment professionals for advice and 60% of them choosing to make their own investment decisions. Will that pay off in the long run?
Over half (54%) carry debt of more than $5,000, while nearly 30% of them lose sleep over the prospect of paying off their own student loans In addition, 20% are concerned about paying off credit card debt and almost half (47%) worry about saving enough to live comfortably in retirement. Despite that concern, only 35% have actually calculated how much they might need to save for retirement. Few seem to have an adequate emergency fund, as more than a third (39%) are unsure whether they could maintain their current lifestyles for three months if they lost their job and couldn't immediately find work.
Millennials carry more student debt than any generation before them, but our respondents have learned the importance of financial literacy and take a hands-on approach to their investments. What do the Millennials, a young generation rocked by the Great Recession, have to teach us about financial success? We will know more after the survey concludes.