Millennials View Their Finances in Some Surprising Ways
The Capital One Millennial Mindset on Money Survey revealed some surprising information about how finances impact decisions for Millennials. 13% of respondents said that being bad with money is a deal breaker for them in a relationship, while 14% said the same about being a “money moocher.”
Perhaps the most compelling data from the survey was the way Millennials see job stability. Despite the stereotype that Millennials are the financially-unaware “me” generation, 67% said they would rather have a steady job and a modest income than be a millionaire with a chance of going broke a few years later. More than one in four Millennials (27%) said establishing a good nest egg would give them a tremendous sense of accomplishment.
58% of survey participants said they would rather “post a photo of their paycheck on Instagram than share their Google search history on Facebook (42%).” With that in mind, 45% of Millennials said they would use Facebook to access their financial information, more so than any other social networking platform. 8% of respondents said they would be willing to use a series of emojis as their security password for their financial accounts.
55% of Millennials said “not living paycheck to paycheck” was their top financial goal, which goes to show just how much this generation is striving for financial stability.
While America moves toward a cashless society, the need for reliable income and strong savings remains high, even in the youngest generation of adults. Capital One’s survey reveals Millennials are looking toward the future. Hopefully, their actions reflect the goals at hand.