Surveying 1,000 millennials split evenly between three income brackets, we gauged how millennials perceive their personal finances and wealth in general.
Some interesting data-points included:
- The average millennial spends $1,476 on housing expenses each month and an additional $1,832 on non-housing expenses
- 23% of millennials believe one must make between $251,000 – $500,000 to be considered wealthy, while 31% believe it takes an individual income of between $101,000 and $250,000
- 60% of millennials that live at home with their parents do so because of financial constraints
- 27% of low-income millennials believe they will not be more wealthy than their parents, while 17% of high-income millennials thought the same
- When asked which person they most strongly associate with wealth, 31 percent of millennials said Bill Gates, 20 percent said Bezos, 17 percent stated Oprah, & 16 percent pointed towards Warren Buffett
Millennial personal finance stories have become lightning rods, and I think this data is especially compelling because its broken down by three different income groups and offers insight into so much that millennials struggle with in 2019. For example, millennials way overestimate what individual income it takes to be wealthy, but this is likely because so many millennials struggle with high debt and inflated cost of living expenses.
Check out the full Survey Results here as provided by LendEDU ↴