WASHINGTON — Millennials feel better about their finances than all other age groups, according to a survey from Bankrate.com.
In a report released Monday by Bankrate, it found adults under the age of 30 have some of the highest marks when it comes to many different components of financial security.
A few highlights of the findings:
- 32 percent of employed millennials have more job security than a year ago, just 4 percent have less job security.
- 30 percent of millennials say their savings are in better shape now than a year ago, twice as many as the 15 percent who are less comfortable.
- Just 13 percent of people age 50 and older are feeling better about their savings than a year ago.
- 33 percent of millennials report their overall financial situation is better than 12 months ago; 16 percent say it has deteriorated.
- As with savings, the 50+ crowd is feeling much worse. Only 19 percent of them are reporting a better overall financial situation.
However, according to the findings, millennials are lagging in net worth. The most positive sentiment was observed among 30-49 year-olds.
Twenty-nine percent of them are reporting higher net worth than a year ago; only 18 percent of millennials can say that, according to Bankrate.
“While millennials are doing pretty well financially, their net worth is being held back because they aren’t as invested as older adults in the stock and housing markets,” Greg McBride, Bankrate.com’s chief financial analyst, said in a news release.
The survey was conducted by Princeton Survey Research Associates International. The survey was taken from April 1 to 4 with 1,000 adults living in the continental U.S. and there is a margin of error of plus or minus 3.6 percentage points.
Watch a video about the report:
