When it comes to talking about millennials, there are many stereotypes out there that have influenced the way the public feels about the generation. Whether it’s the assumption that millennials are irresponsible with money and would rather buy avocado toast than save for a down payment, or that millennials jump from job to job, the majority of these stereotypes paint the generation in a negative light.
A new study by Bank of America entitled Better Money Habits Millennial Report recently came to the defense of the generation when it reported that:
“Millennials deserve more credit – both from themselves and from others – for their mindfulness when it comes to money and their lives.”
Here are some key takeaways from the study proving that millennials deserve more credit for what they are already doing:
- 63% are saving – (47% have $15,000 or more in savings)
- 54% are budgeting – (73% who have a budget stick to it every month)
- 57% have a savings goal – (67% who have a goal stick to it every month)
- 46% have asked for a raise in the past 2 years – (80% who asked for a raise got one)
- 59% feel financially secure – (16% have $100,000 or more in savings)
Many have wondered if millennials even want to own their own homes or if they would choose to rent instead. Well, not only do they want to own their own homes, but many already do and are looking to trade up! A recent study by realtor.com shows that 49% of Americans who plan to sell their home in the next 12 months are millennials!
Danielle Hale, realtor.com’s Chief Economist, gave some insight into why millennials are looking to sell,
“The housing shortage forced many first-time homebuyers to consider smaller homes and condos as a way to literally get their foot in the door. Our survey data reveals that we may see more of these homes hitting the market in the next year.”
Bottom Line
Not every millennial fits into the stereotypes that are so prominent in our society. Those who have risen above the stereotype are ready and willing to buy a home of their own, and many others already have!