A recent survey by TD Bank has revealed that the 2008 crash still has its claws in the minds of this generation, and that’s it becoming harder and harder for people to feel financially secure. Out of those surveyed, 60% said they’d feel secure once they’ve got rid of their respective debts. And of those people in debt, 61% said it obstructed them reaching whatever financial goal they had.
Millennials are the generation most stricken, 80% saying debt was a big problem for them. A third of those surveyed live paycheque to paycheque, while 17% are suffering for their credit card or student loan debt.
54% of Americans surveyed wish to buy a home, only then feeling like they’ve achieved their goals, with 52% saying the same if they had enough saved over for emergencies.
Surprisingly though, millennials are the most self-confident when it comes to finance, more than 75% saying they can “make it”. This is reflected by just 67% of Generation X and 56% of Generation Z. 45% of millennials wish to achieve their goals before their friends, making them the most competitive generation, compared to 29% of Generation X and 10% of baby boomers.
In regards to personal milestones, 30% though investment and growing their career to be important milestones, 29% putting their children through university, and graduating 28%.