A recently released survey from TD Bank suggests that college students today are?set to manage a larger number of economic hardships than previous generations, for example higher amounts of student loan debt, unemployment, and stagnant increases in wages. ?Despite this, generation Z remains confident that they will be financially successful.
Over 1,100 Americans took part in the “TD Bank Financial Wellness Survey,” which asked questions pertaining to personal finance knowledge and financial milestones. ?The outcomes show that not only do?millennials show a heightened level of confidence that they will reach their financial targets?than previous generations, but they\’re also competitive about it. ?In all, 45% said hello was vital that you be the first among their friends to feel successful in comparison to only 10% of baby boomers and 29% of generation Xers.
\”Millennials have unfairly earned a reputation for being less financially responsible than previous generations,\” said Andrea Johnson, Head of monetary Education, TD Bank. \”While they might delay traditional milestones like marriage and kids, they still aspire to achieve traditional hallmarks from the American dream, including proudly owning, getting an education and being debt-free.\”
Participants?reported a number of responses when asked what would make them feel like they had “made it.” ?While most, 61%, reported being debt-free as the most significant financial milestone,?proudly owning and saving for emergencies came in a close second at third, with 54% and 52% respectively.
Investment was lower on the list, with one-third of respondents great deal of thought to be an essential milestone. ?Rounding the bottom of the list included career growth at 30%, being able to put their children through college at 29%, and graduating from college at 28%.
“Financial success isn\’t something that happens overnight-it needs time to work and planning,” Johnson said. “When consumers build a solid foundation with a realistic budget and savings plan, they are able to reach their goals.”
One-third of respondents noted living paycheck-to-paycheck as being a problem that is keeping them from financial success. ?In addition, 17% reported credit card and student loan debt as being another obstacle. ?While 68% of all Americans who currently carry debt feel it\’s keeping them from progressing toward their financial goals, 80% of millennials feel the same way.
An increasing quantity of Americans did report curiosity about taking a financial course. ?Although two-thirds haven\’t taken this type of course, over 60% of this group said they wish that they had. ?Millennials put together to be more prone to actually have a course, as around 70% of millennials and generation Xers combined said they wish that they had when compared with only 50% of baby boomers.
While “don’t spend that which you don’t have” was found to be the most popular piece of financial advice given throughout all generations, 27% of respondents over the age of 35 added they would have liked to have told their 20-year-old selves to start saving then.
In addition, financial advisers put together to be decreasing in popularity. ?Although one-third of baby boomers turn to them for advice, 26% of millennials noted they would prefer to use the Internet, and a full one-third of all respondents do not rely on anyone.
Johnson discussed the significance for all ages to seek financial advice from the number of sources, including family, online learning resources, and banking institutions. ?She said doing this will help to create a plan that will in turn permit them to better fulfill their goals.