Personal Finance

This is the biggest financial worry for millennials

Biggest financial worry for millennials
Biggest financial worry for millennials

Millennials might not be as financially illiterate as you think.

While only 37 percent of the generation report having a financial plan, 86 percent are saving money each month, according to a report conducted by Facebook.

The social media company analyzed audience insights, conversation analysis and survey data, and discovered the millennial mindset toward money isn't quite as impulsive as you might think.

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Millennials drive 40 percent of the financial conversation on Facebook, generating around 6.5 million posts, comments, likes and shares each month — and women are propelling the chatter.

More than 60 percent of all content pertaining to peer-to-peer payments, loans and mortgages, banking, investments and credit cards is dominated by female users.

Debt, credit scores and financial guidance are among the top concerns for this generation. An estimated 53 percent of millennials report not having someone they trust for financial guidance and only 8 percent trust institutions for guidance.

Nearly half of the generation is open to swapping their bank, credit card company or brokerage account and a third describe their current bank in unflattering terms — 68 percent do not feel like they are understood by their bank.

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.