Infographic: Millennials' financial acumen is slipping
Their money smarts and confidence fell over the past two years, survey finds
Data whiz and visual storyteller
An update to a 2015 survey by Navy Federal Credit Union spotlights some concerning news about millennials and their money: Though they’re now two years older, their financial skills and confidence have dropped instead of risen.
In 2015, almost 3 in 10 millennials (29 percent) said they have a household budget they review at least annually. This spring, only 18 percent said the same. They’re also checking their credit scores less, with 44 percent saying in 2015 that they’d checked their score in the previous 12 months, compared to only 36 percent this year.
Financial confidence is also down. While more than a third of 2015 respondents (37 percent) said they feel they know enough about managing their money to meet their financial goals, only 26 percent had the same confidence in 2017.
Feeling they don’t know enough might explain one of the larger two-year discrepancies in the survey, the number of millennials that have thought about what their financial goals are or should be. Two years ago, a slim majority said yes, they’d thought about their goals. But in 2017, that share dropped 15 percentage points to just 37 percent.
Navy Federal’s 2017 data was collected by Forrester Data Consulting from a demographically representative sample of about 1,000 millennials age 18-34. The online survey was conducted in February and March 2017, with findings released Aug. 14.
To use the graphic on your site, use the following code:
- Credit card bills are first to go unpaid, Fed finds – When bills must go unpaid now, credit cards are at the top of the list, a Federal Reserve survey finds. That changed during the recession, when credit card bills were paid because they were viewed as a financial lifeline ...
- Small businesses often rely on credit cards, Fed study finds – Credit cards play a major role in financing small businesses, a new Fed survey finds. More than half of small businesses surveyed (51 percent) reported using credit cards for their operations on a regular basis ...
- Who rolls over card debt and pays late? Study finds surprises – Among cardholders who roll over their debt from month to month, age and other financial obligations -- not income and education -- are factors in who pays on time and who pays late, a new Auriemma Consulting Group study finds ...