“Tech savvy”, “disruptive”, and “connected” are words all too often used to describe millennials. According to our new survey on Millennials, Taxes and Money conducted using the Fullscreen TBH panel, we can now add a new descriptor to this lexicon, “financially responsible.”
Millennials are confident when it comes to managing their own finances, with nearly two thirds (62%) giving themselves an above average grade of B or better. Their self-reliance, may in part be prompted by their tepid outlook for the US economy (an average of “3” rating on a 1-5 optimism scale). When planning for their financial future millennials report putting their financial ambition ahead of their passions.
Millennials are no strangers to leaning on fintech resources with nearly half (48%) already using financial apps like Amazon Cash or Mint. Over three-quarters (78%) find saving tips online.
Rather than being frivolous with their money, we found that millennials have or would consider several concrete money saving strategies. Practical within limits seems to be their motto as there are some things that they simply could never do without. They will cut back on trips to the salon or even Starbucks before they cut back on their video entertainment. Here’s what they can and can’t live without.