For Some Reason, the Millennials Are Ready to Go Shopping
A study from Financial Finesse, a money management website for consumers, says Millennials "are at significant risk" of not saving enough for retirement. Only 17% say they are on track to retire with recommended income allocation -- 80% of their annual income in retirement.
Financial Finesse Chief Executive Liz Davidson calls the Millennials a "lost generation" financially. "Although they have more time than the boomers and Gen Xers, they face far more economic and financial challenges than any other demographic, and they're not recognizing retirement planning as a priority," Davidson says.
But Millennials seem to be brushing off those financial challenges, acting quite bullish on the economy in the short term.Data on consumer credit risk from FICO says that 30- to 39-year-olds are "the largest source of growth" in the consumer lending market over the next six months. Millennials -- Americans born after 1982. Overall, FICO says 46% of bankers surveyed believe Americans will be borrowing more for things such as new homes and new cars and putting more purchases on credit cards. Only 8% of bankers say requests for credit from Americans will decrease over the next six months. Another 53% of bankers surveyed expect credit card balances to rise through March, and only 7% say credit card balances will fall.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV