Some millennials shy away from credit cards, with 25 percent believing that such cards will worsen their financial standing. However, 46 percent note that the main reason they use credit cards is to help build credit, while 36 percent say it helps to increase their financial flexibility. Only 8 percent cite rewards as a reason to use credit cards.
In fact, 57 percent of millennials would prefer to pay with cash than credit.
Millennials are redefining financial success, according to Facebook. Some 46 percent believe that financial success means being debt free. Owning a home was considered a top priority by 21 percent of millennials, while only 13 percent cite being able to retire are their main financial priority.