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Financial portrait of a Millennial

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Laura KampsAs a follow-up to our web article, "My 2 cents: A Millennial's story," here are a few interesting facts regarding the financial habits, beliefs, and challenges facing the Millennial generation.

  • 70% of college graduates carry an average of $28k in student loans.
  • 63% of Millennials don’t have a credit card.
  • 55% are saving for retirement.
  • 8 in10 Millennials say the great recession taught them to save “now.”
  • 4 in 10 say their debt is overwhelming.
  • 68% are confident they will be able to retire comfortably.
  • 71% join a 401(k) when offered by their employer.
  • 81% believe that Social Security will not be there for them when they retire.
  • 76% say they are comfortable talking with parents about savings and investments.

Laura Kamps, RIS Specialist

Sources: Princeton Survey Research Associates International (Bankrate), Federal Reserve Bank of New York, Transamerica Center for Retirement Studies, BlackRock 2014 Global Investor Pulse Survey.