A study conducted by Ally polled 2,000 millennials to find out their financial knowledge and spending habits. The study came back with some interesting results.
About 82% of millennials stated they were saving money even though the average monthly spending was $2,164.99. This cost includes rent, food, clothing, travel, tech, memberships/subscriptions and loans. This totals $25,979.88 annually, which may explain why most millennials also stated they do not believe they will be financially secure until their early to mid thirties.
Now, you are probably asking if 82% of millennials are saving, why is it they won’t be financially secure till their thirties? Well, the study delved into what it is exactly millennials are saving for. Most are saving for a new apartment, car or travel/experiences while only 41% are planning for things like retirement.
This financial insecurity is felt by most millennials. In fact, 55% said they need help understanding personal finances. One in four millennials believe their schooling did not adequately prepare them for dealing with finances. This is definitely becoming a problem as more millenials reach adulthood.
