They refuse to take the old advice. Economists and financial advisors are convinced the millennials are marching towards their financial doom, but the millennials are marching to the beat of a different drum than their baby-boomer parents…
Millennials are savings lots of money, but they’re not saving it for retirement. Here’s the report:
According to a Bank of America Merrill Edge study published Friday, today’s 18- to 34-year-olds are much more likely to prioritize travel, dining, and their gym membership over their financial future.
“Their ‘fear-of-missing-out’ (FOMO) mentality is also apparent in their spending habits,” the Merrill Edge report reads.
The study of more than 1,000 relatively affluent individuals found that 81% of millennials were more likely to spend on travel, 65% on dining, and 55% on fitness, than saving for their financial future.
Moreover, millennials aren’t thinking about retiring as early as possible; instead, they’re looking to have the most fulfilling life possible.
BUCKING THE OLD ADVICE…