Millennials want to avoid debt and they attribute debt with credit cards according to a new study
Two themes are clear from Facebook’s recent study of millennials’ money perspectives: Debt is the enemy, and women drivemore financial conversation.
The aversion to debt was documented by several findings, headlined by more than half of working-age millennials (57 percent) preferring to pay with cash over credit. When asked how they define financial success, being free of debt was the overwhelming top choice at 46 percent, dwarfing the 21 percent that said owning a home signaled success.
Similarly, paying down existing debt was a top financial priority among millennials, identified by about 4 in 10 respondents (43 percent).
In an analysis of financial discussions that occur on Facebook, millennials were found to spark 40 percent of the conversations, with women driving the following majorities of the discussions:
- Peer-to-peer payments: Women 71%.
- Loans and mortgages: Women 70%.
- Banking: Women 68%.
- Investments: Women 62%.
- Credit cards: Women 60%.
The Millennials & Money study was conducted by Facebook IQ, the social media company’s consumer research arm. Segmenting data from a January 2016 survey of 27,000 Facebook users to isolate millennials ages 21-34, the study also features Facebook’s first publication of findings from its proprietary conversation analysis.
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