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Millennials don't believe that they can save $1 million but they can, according to a Wells Fargo survey which polled young people and their financial habits. But an expert who studies social behavior said that they don't want to.
The report released last Wednesday found that nearly 64 percent of working millennials from ages 22 to 35 say they will never have $1 million in retirement savings over their lifetimes. However, the vice president of Wells Fargo Institutional Retirement and Trust has higher hopes for their saving ability.
"We're trying to show that for as little as 26 hours a week if they start saving at age 25 and put away 5 percent of their salary, they can reach that million dollar threshold. Keep a personal inventory, look at money coming in and money going out," Joe Ready told CNBC's "Power Lunch. "
This is despite challenges like gender wage gaps and student loan debt that averages around $20,000, he added.
But millennials would rather splurge on tickets to the Caribbean than buy a brand name handbag or let the money sit in a bank account, according to another expert.
Millennials prioritize the present over the future, said Jon Levy, The Influencers CEO and human behavioral scientist. People are saying "I do" in their thirties, later than previous generations, which places less emphasis on supporting a family.
Millennials are embracing less stability in the workplace, said Levy.
"We're not working for the same company 20-30-40 years; that means we've become more entrepreneurial. We've approached these things from a passion perspective. We're seeing a population far more driven towards making an impact from a social perspective, it falls on us to really make a difference in the world as a generation," Levy said.
--CNBC's Kerima Greene contributed to this report