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They worry about their financial future. Their average age is 30, but saving for retirement also looms large among their fiscal worries. And who do our Millennial-aged grown children trust to provide them with information about these financial issues? Us. Thus spake a recent Fidelity Investments’ Millennial Money Study.
While they say--72% of them anyway--that they have no problem broaching financial issues with us, most of them --67%--have not had detailed conversations with us about such important issues as estate planning, health and eldercare, and covering living expenses in retirement. As to what we might be leaving them when we pass on, 41% say they have not had any conversations at all with us about our will and estate planning.
The survey is a follow-up to Fidelity's 2014 Intra-Family Generational Finance study, which was an online poll of U.S. parents and their adult children that looked at the levels of agreement between families on key financial topics. To be part of the survey, parents had to be at least 55 years of age, have an adult child older than 30 and have investable assets of at least $100,000. Children qualified if they were at least 30 years of age, had at least $10,000 in savings. The newer survey asks many of the same financial questions to and about Millennials. The Millennials in this study average 30 years of age. Just under half of them are married, have children as well as a 401 (k) style savings plan. As to their parents, one-third of us are retired.
Some of the financial findings from the survey:
They may trust us but 27% tell us nothing when it comes to money.
The top three financial issues Millennials say they are tryingn to deal with include: accumulate more savings for retirement (52%), pay off credit card debt (41%), and pay off student loans (28%).
Two-thirds think it is more acceptable now for children to move back home after college, and 32% say they are more financially dependent on their parents than their parents were at the same age.
Nearly one-half of Millennials have received some kind of financial assistance from their parents at some point since leaving home. Topping the assistance list are cell phone bills, car insurance and groceries.
You can see the survey in all its detail here: The Fidelity Investments Millennial Money Study: Facts ...
