Rally Point client GenFKD released its first-ever Millennial Money Survey, focused on Millennial attitudes and perceptions on investing, the economy, education, and a number of other finance-related topics.
Executive Director Justin Dent joined Fox Business’ Dagen McDowell to discuss the findings:
For more, the full press release can be found here:
GenFKD Publishes 1st Annual Millennial Money Survey
New York, June 27, 2017 – GenFKD a non-profit revolutionizing financial literacy through on-campus engagement and entrepreneurship released today the Millennial Money Survey, a comprehensive survey that identifies key trends in how Millennials feel about their economic security, the impact of education, the ever-changing job market and more.
Here are some of the key findings, separated by theme:
Overwhelmingly, millennials indicated their interest in increasing their financial security via investment in stocks, home ownership and other traditional means. At the same time, the majority of respondents admitted to having high levels of student debt – a well-documented trend among the millennial generation. Our survey indicates they will likely follow the trajectory of previous generations as they look to a suburban, financially stable future. The question, though: will they be able to afford it?
- 69 percent would buy more stocks and bonds if they had more money
- 94 percent would like to own a house in the future
- 76 percent say they would rather live in suburbs compared to cities
- 55 percent have $10,000 or more in student debt
Entrepreneurship and The Job Market
Many Millennials displayed doubts about the job market and whether education results in a better career. Additionally, the majority want to start their own business, but haven’t due to factors like lack of funding, experience or confidence.
- One in five are unemployed or unable to find a full-time job
- They anticipate an average of nine jobs over the course of their career
- 45 percent work in a position requiring a degree
- 40 percent said their college degree did not help them find work
- 66 percent have wanted to start their own business
In our survey, millennials were conflicted – saying they thought government involvement would be beneficial in some areas but not in others. In public policy that directly affects younger generations, we touched on issues of entrepreneurship, education and healthcare. Here are some of the highlights:
- 44 percent felt the government stifled small business
- 83 percent want government to promote entrepreneurship
- 59 percent felt health insurance should not be required
- 34 percent do not think college was worth the investment
The Millennial Money Survey sampled 500 individuals from across the U.S. with ages ranging from 18-35. Fifty-five percent of respondents were female, while 62 percent of the total participants were 18-29 years of age. The survey has 54 questions and can be found in full on the website at [Insert Link].
Founded in 2013 as a financial literacy organization, GenFKD is growing into an organization that’s revolutionizing American higher education. GenFKD is advancing a system of “new education” focused on improving post-graduate outcomes in areas of gainful employment, financial preparedness and entrepreneurial readiness.
To learn more about their mission, the movement or the content they produce, please go to their website at http://www.genfkd.org/.