Millennials — as we all know — are different than previous generations. Comet Financial Intelligence took a look at how they are hitting financial goals when compared to previous generations. The report says those goals are being accomplished — for example — earlier than their older brothers and sisters the Generation Xers.
Millennials are taking longer to pay off student loans. Part of that may be because the cost of college is much higher today than it was for other generations.
Another interesting factoid. The report says 44% of Millennials took out student loans compared to just 31% of Gen X adults.
• Generation X is now at an average age of 42.4 and they expect to have college loans paid off by the age of 50.3 — that’s 7.9 years
• Millennials have an average age of 28.2 and say they’ll have college loans done by age 36.7 — that’s 10.5 years to pay off the balance
Home ownership is another area covered by the study.
• Just 27% of Millennials own a home
• 63% of Generation Xers own a home
• 86% of Baby Boomers own a home
Millennials say they won’t likely own a home until the average age of 34.4
Saving and retirement are other issues covered by the Comet Financial report. Millennials are saving. That’s a given but when it comes to retirement, 52% have not started enacting a retirement plan and don’t expect to start until they hit the age of 34.2.
However, since the average age of the surveyed group is 27.7 then it’ll be another 6.5 years before they begin putting dollars away for their golden years.
Source link: PropertyCasualty360.com'