CHICAGO–Millennials feel “more obligated to responsibly manage their finances” than do other generations, according to survey conducted by Alliant Credit Union.
According to Alliant CU, the “growing pressure to make smarter financial choices to prepare for an uncertain future” is so great that more than half of Millennials (52%) even admitted to embellishing the amount of money in their emergency fund to friends and/or family.
Alliant Credit Union said it partnered with Atomik Research to survey 2,006 respondents spanning Gen Z (ages 18 to 24), Millennials (25 to 40), Gen X (41 to 56), and Baby Boomers (57+) across the U.S.
The Findings
Among the findings:
- As Millennials approach tax season, 77% agree they would feel less guilty spending their refunds on something fun, such as a trip or a new luxury item if they put some aside toward their savings.
- In addition, 42% of Millennials also stated they plan to spend their tax refund paying off student loans or credit cards to stay out of, or quickly pay off, debt to reach their financial goals.
- When it comes down to personal savings priorities and strategies, Millennials take the lead in learning about the different options available to them. Seventy-one percent of Millennials utilize and understand the benefits of a certificate of deposit, compared to just 42% of Gen Z and 39% of Baby Boomers, the survey found. “With average rates ranging between 4% (for 48 months) to 5% (for 12 months), all generations agree on the value and security of CDs for growing their savings,” Alliant stated.
- With savings at the forefront of Millennial mind's this spring, 71% say investing their money in a CD would minimize their desire to impulse shop, while only 57% of Gen Z, 56% of Gen X and 52% of Baby Boomers agree.
- 71% of Millennials said that organizing their personal finance records and documents is part of their spring-cleaning process.
- Millennials (70%) also take the lead when it comes to being knowledgeable on how to protect themselves against identity fraud compared to just 40% of Gen Z, 46% of Gen X, and 41% of baby boomers. Alliant found that half of the Millennials surveyed (50%) have already enabled multi-factor authentication on their online banking accounts
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