Millennials have a vision of the American Dream, but they may not have a plan to actually reach it.
The overwhelming majority of Millennials — 85% — say they are confident they will attain their American Dream, but less than half of them — 49% — have a plan in place to get there financially, according to a new study from Bank of the West. That "dream" includes the traditional thoughts of owning a home, paying off debt and someday retiring from a fulfilling career.
Marc Roche, co-founder of Annuities HQ, which helps with retirement planning, said the fact Millennials want the American Dream is not surprising — and although it may include the traditional aspects, it also may not be the same as what Baby Boomers pursued.
"It's less that they're not pursuing an American Dream and more that the American Dream looks different for a Millennial," Roche said.
"Yes, they still want to purchase a home and provide a good life for their families, but there isn't as much of a push to settle down as there has been in previous generations," he said. "Today's Millennials want to travel, build their own business, or establish their careers before following through on what have been milestones for previous generations."
The lack of financial planning also may not be entirely because Millennials are pushing back certain things to later in life, said Magdalena Johndrow, a financial advisor with Farmington River Financial Group in Conn. Many Millennials do want to save for retirement and other life goals, but most financial advisors will not speak with them due to high net worth minimums, she said.