Revere Bank Millennials and Money White Paper
May 9, 2017
Overwhelming student debt. Lack of savings. The housing market crash. Saving for college. No formal financial education. Revere Bank heard these concerns over and over again during a 2016 study of millennials and their financial habits.
Key findings from the study include:
- Forty percent of millennials surveyed do not invest (other than in their employers’ 401(k) plans).
- Only ten percent of surveyed millennials do not save for the future, while 72 percent participate in their employers 401(k) plan.
- Millennial respondents ages 30 and younger are significantly less likely to be homeowners (32 percent) than millennials over the age of 30 (72 percent).
- Only ten percent of millennials surveyed were business owners. Forty-seven percent say they’d consider opening a business but have no immediate plans to do so.