60% of millennials admit their financial image is a lie but theyre not as broke as you think
Three in five millennials admit their financial image of themselves doesn’t reflect their financial reality, new research has revealed.That’s according to a series of three surveys, each polling 2,000 millennials, 500 Gen X and 500 baby boomers.Results revealed that 61% of millennials say there are gaps between how they want to be perceived and how they’re actually doing.Only one in five millennials (19%) don’t project a financial image at all, compared to 33% of Gen X and 42% of baby boomers.But this disconnect may have more to do with outdated expectations and mismatched goal posts than a genuine need to hide their financial reality.Despite being labeled “quiet quitters” with commitment problems, one in three millennials identify with the work they do (31%), compared to 24% of Gen X and 16% of baby boomers.Another 25% of millennials even identify primarily with their job title or employer, nearly double the amount of Gen X (14%) and more than triple baby boomers (7%).But that doesn’t necessarily mean that millennials bought into the “grind culture” of previous generations.
Instead, a majority (67%) have made financial trade-offs in favor of flexibility.Spending their money on experiences rather than traditional savings and assets was found to be the top financial trade-off (19%).That was followed by having a side hustle to reduce dependence on just one employer (19%) and choosing to rent their home instead of owning it for mobility purposes (16%).Three in five millennials have also replaced the traditional “career ladder” and are instead focusing on skills over titles (33%), creating something of their own (32%) or even prioritizing flexibility and autonomy over advancement (29%).Conducted by Talker Research on behalf of financial technology company Chime, the surveys unveiled the Millennial Money Report, aiming to redefine the generation that’s been told they’re behind, bad with money, and have everything handed to them.According to th...