E*TRADE Study Reveals That Financial Worry is More Pronounced Among Millennials Than Any Other Generation
As Millennial investors forge their financial future, more than two thirds surveyed feel they could be doing better financially
- They aren't satisfied financially. Despite their current income and savings, more than two thirds (69 percent) of Millennials feel they could be doing better.
- It's affecting their relationships. More than half (53 percent) of Millennials feel that worrying about finances puts a strain on their relationships with friends and family.
- And their health. Half (50 percent) of Millennials believe worrying about finances negatively affects their well-being.
- Social media and TV may be making it worse. Almost three out of five Millennials (59 percent) report that images of exaggerated wealth on social media and television make them feel less successful.
"Millennials arguably have not had the easiest time getting their financial footing—many came into the workforce during a weak job market and may be straddled with high levels of student debt," said
- Define your goals. Ask yourself, what do you want to save for? How comfortable are you with risk? When do you need the money? This will all help define your investing approach.
- Try an investing tool. Today there are a great variety of digital tools and resources to help plan for some of life's biggest financial decisions, like buying a house or saving for retirement.
- Contribute consistently. One of the biggest factors to reaching your goals—hands down—is being disciplined about contributions. Try to avoid emotional investing pitfalls—like timing the market—by focusing on the long term and sticking to your plan. And the earlier investors start saving, the better, as time and compound interest can help your portfolio grow exponentially.
- Keep your eyes on the prize. Building and maintaining a well-diversified, risk-appropriate portfolio for the long term is one of the most important ways to stay on track to meeting your goals.
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About the Survey
This wave of the survey was conducted from
|Despite my current income and savings, I feel I could be doing better.|
|Agree (Top 2 Box)||65%||69%||70%||57%|
|Very much agree||17%||24%||21%||8%|
|Very much disagree||9%||7%||5%||13%|
|Disagree (Bottom 2 Box)||35%||31%||30%||43%|
|Worrying about finances negatively affects my relationships.|
|Agree (Top 2 Box)||37%||53%||38%||19%|
|Very much agree||9%||13%||7%||4%|
|Very much disagree||32%||20%||30%||47%|
|Disagree (Bottom 2 Box)||63%||47%||62%||81%|
|Worrying about finances negatively affects my health.|
|Agree (Top 2 Box)||36%||50%||38%||18%|
|Very much agree||8%||14%||5%||4%|
|Very much disagree||32%||20%||30%||49%|
|Disagree (Bottom 2 Box)||64%||50%||62%||82%|
|Images of exaggerated wealth seen on social media and television makes me feel less successful.|
|Agree (Top 2 Box)||43%||59%||44%||25%|
|Very much agree||11%||16%||11%||5%|
|Very much disagree||30%||17%||27%||46%|
|Disagree (Bottom 2 Box)||57%||41%||56%||75%|
"Millennials" defined as age 25-34 // "Gen X" defined as age 35-54 // "Baby Boomers" defined as age 55+
The information provided herein is for general informational purposes only and should not be considered investment advice. Past performance does not guarantee future results.
Dollar cost averaging does not ensure a profit nor protect against loss in declining markets.
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