Reporting on Millennials and Money
There are plenty of assumptions about millennials and how we feel about money. WE wanted to learn more about our generation, so we dug deeper.
In our Millennials and Money survey, we asked over 560 people about their relationship with money, as well as their lifestyle choices, aspirations and financial behaviour.
Here’s what we discovered:
What motivates millennials?
Unlike the generations that precede them, millennials value experience over everything else.
A staggering 85% of those in our survey reported they are more motivated toward experiences than possessions. Most (68%) said they strive to find the balance between good pay and a reasonable job they like and only 5% would be in it for the money completely even if they hated the job.
The most complicated relationship
When talking about their relationship with money, our respondents’ answers were very mixed.
Only 33% of those surveyed said they feel in total control of their finances. 13% experience guilt when spending, even with investments and savings, while 12% spend without thinking about the consequences. 22% don’t feel in control and are aware that they’re not using it effectively and 12% dislike money and avoid thinking about it.
Knowledge is power. Do millennials have it?
A key finding in our survey was that 50% didn’t feel prepared to manage their personal finances when they graduated from school. The main factor contributing to this appears to be the lack of financial education at school, with a staggering 80% of respondents saying they couldn’t remember taking part in any personal financial management education while studying.
Millennials and charity
Millennials are very driven by social causes, especially when it comes to doing good with the purchases they make. But do they donate regularly to charities?
The answer is YES! 90% of Millennials surveyed donate in one form or another, with 30% donating to a cause regularly and 11% donating both money and time on a regular basis.
Overall, millennials want to participate in philanthropic giving over their lifetime, even if they feel they’re not yet financially able. 44% said they want to give more to charities and have a plan to do so in the future. 24% said they already give a lot and 22% want to, but don’t believe they’ll ever financially be able to.
Want to find out more about millennials and money? Read the entire report here.