TD Bank: Millennials competitive about wealth
A new survey by TD Bank has found although millennials face economic hurdles, they are still focused on “making it” financially before their peers.
The TD Financial Wellness Survey found millennials face unprecedented student loan debt, unemployment and stagnant wage growth, but they remain confident they will succeed financially.
Not only did the survey find they were confident, but they were also competitive: 45 percent of those surveyed said it’s important to feel like they’ve made it before their friends, versus just 10 percent of Baby Boomers and 29 percent of Gen Xers.
“Millennials have unfairly earned a reputation for being less financially responsible than previous generations,” Andrea Johnson, TD Bank’s head of financial education, said in a statement. “While they may delay traditional milestones like marriage and children, they still aspire to achieve traditional hallmarks of the American dream, including owning a home, getting an education and being debt-free.”
Being debt-free was found to be the most significant milestone regardless of generation, with 61 percent of people considering it to be the most significant milestone. Trailing behind was owning a home (54 percent) and saving enough for emergencies (52 percent).
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