millennials and money

Millennials Aren’t as Different as They Think They Are

Despite being target practice for every other study that comes out these days, millennials don’t actually want to live with their parents forever or die alone. They may call it “adulting,” but they still want the same things their parents did.

The majority of millennials actually want to get married and buy a house, according to a survey released last month by Credit Karma, a financial management service. The results challenge many stereotypes about millennials, including that they aren’t saving for retirement and put off or avoid marriage.

“The Credit Karma Millennial Report proves that in spite of student loan debt, the group of 18-to-34-year-olds are much wiser with their finances than we often give them credit,” Credit Karma chief consumer advocate Bethy Hardeman says. “Survey findings prove millennials are following in the footsteps of generations before them: saving for the future is top-of-mind, loyalty with employers who offer fair pay is a priority and starting a family is important to them.”

One sweet love

Even though the rest of society believes that millennials want to delay marriage and children until later in life, it turns out 85 percent of unmarried millennials want to get married someday. In fact, the majority of respondents that are married got hitched in their 20s. Almost half of millennials are either already married or living with a partner.

And children aren’t out of the question, either. Forty-two percent of millennials already have a child and 33 percent plan to have children at some point. Only 15 percent of respondents said they do not plan on having children.

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Home sweet home

Millennials want homes, but aren’t confident they can afford buying a house due to affordability and other debt.

Currently, 44 percent of millennials rent, and those non-homeowners — almost 90 percent of them — want to own a home in the future. Of those millennials who already own homes, almost 60 percent bought them before their 26th birthday.

“Despite reports of waves of millennials returning to the nest, a significant majority are out on their own,” the report says. “Those who did not see homeownership in their future cited the expense and difficulty of qualifying for a loan as stumbling blocks.”

Like the rest of us

Despite a reputation as freeloaders and student loan whiners, millennials are building solid credit histories, too. More than 60 percent of millennials have at least one credit card and almost half of those who don’t say they don’t have one because they want to avoid getting into debt.

And, just like the rest of us, millennials are saving for retirement. More than half of survey respondents are saving for retirement and of those, almost 90 percent started at 28 years old or younger.

“More than half of all millennials are currently saving for retirement, with the overwhelming majority of those starting 401(k)s before their 28th birthday,” the survey says. “Many said they started saving on their own and many more said they were not sure they could rely on Social Security as a retirement option.”

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