Millennials are confident in their ability to manage their finances, but their actions tell a different story, according to the Bank of America/USA TODAY Better Money Habits Millennial Report, released today.
Even though a large majority (80 percent) of the 1,000 millennials ages 18-34 surveyed across the country believe they will be better off or the same as their parents and two-thirds say they have good financial habits, the report results indicate that many may have a less-than-ideal financial situation. In fact, 53 percent of millennials are living paycheck to paycheck and many are probably not preparing for the long term. For example, nearly as many millennials are saving for a house (32 percent) as are saving for a vacation (33 percent), 22 percent have yet to start saving at all and 35 percent still receive regular financial support from their parents or relatives.
Bank of America/USA TODAY Release First Better Money Habits Millennial Report | Bank of America Newsroom
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