Millennials Optimistic About Their Financial Future: Wells Fargo Survey
by FinancialCorps, 11 October 2015
In an infusion of positive feedback from millennials, the 18-35 year-old critical segment of our adult population, they expressed strong optimistic feelings about their financial future in the latest research of almost 2,000 U.S. adults. Millennials also reported that they are most likely going to purchase a home in the next three years and that they also want to learn more about how credit works, which is a positive indication for their interest in becoming more financially literate.
The results of the Wells Fargo survey, dubbed “How America Buys and Borrows,” stand in sharp contrast to the results from last year, when millennials reported less optimism. Eighty-two percent of millennials currently believe that their financial situation is stable to strong, and ninety percent reported their expectation that their personal financial situation will stay the same or get better within one year.
The release of the Wells Fargo report coincided with the company’s annual support of the American Bankers Association’s “Get Smart About Credit” campaign. Both Wells Fargo and the American Bankers Association have been ardent supporters of financial literacy and their fervent involvement within the financial education community is widely expected to continue. Industry observers will continue to monitor the annual results of the Wells Fargo survey for ongoing benchmarking of financial capability, attitudes and behaviors among key segments of our population in the years ahead.