Millennials are a more complicated generation than some would think. A new study found that while this Americans between 26 and 41 years old complain of being quite stressed out over world events and societal issues, they are very confident when it comes to money, despite 70 percent of the generation living paycheck to paycheck, according to a different survey.
The study found this generation is building wealth through crypto but is worried about life experiences, debt burdens, the 2022 Investopedia Financial Literacy Survey revealed.
Through interviews, Investopedia found millennials to be proactive when it came to growing wealth. The generation seemed to prefer investing in crypto and working on side hustles rather than depending on salaries from 9-to-5-type jobs.
Millennials were revealed to be the most confident generation surveyed by Investopedia. In comparison to other generations, the millennials said that they feel most knowledgeable about saving, spending money, managing a budget, and paying taxes, among other things. Some 63 percent of them said they feel more knowledgeable about their finances than their friends.
However, based on Investopedia’s survey, millennials are quite stressed — 74 percent, in fact. Their confidence is juxtaposed with pressure to make significant financial decisions largely centered on child care, health care, homeownership, and retirement preparation at this stage of their life.
Key Survey Takeaways
- 61% of millennials surveyed said they’re confident to very confident about their overall financial knowledge; 63% said they know more than their friends and peers.
- 3 out of 4 millennials (74%) said they are at least somewhat stressed about managing their finances.
- saving money, managing debt, and planning for retirement are the financial issues that stress out millennials the most
- 64% of surveyed millennials said they are invested, favoring cryptocurrency (38%) and stocks (37%) the most.
As far as their investing habits, millennial prefer to be on their own. Most choose self-managed investment platforms over traditional financial advisors or robo-advisors, the survey found.