Millennials are less financially stressed now
Anxiety about savings, student loans and credit card debt has eased
Data whiz and visual storyteller
Millennials appear to have let go of some of their money stress over the past three years, according to new survey results from Bank of America.
The latest installment of its Better Money Habits Millennial Report found that 1 in 4 Americans who were age 23-37 last fall said they worry often about their financial situation. That’s a drop of 6 percentage points from the 31 percent who reported the same in 2014.
Fewer millennials also reported feeling stressed or anxious about a number of specific aspects of their financial lives. Although the feeling that they aren’t putting enough money into savings still weighs on more than a third of millennials (35 percent), the share was 41 percent three years ago.
Angst about their career path, overspending and student loans saw more dramatic drops from 2014, with anxiety about spending more than they should and paying off student loan debt falling by almost half.
Stress over credit card debt saw a much more modest three-year decrease, but it was still down from 20 percent of millennials in 2014 to 17 percent in 2017.
Bank of America’s 2018 survey was administered to U.S. adults age 23-37 in September and October 2017. The 2014 survey targeted approximately the same cohort when they were age 18-34. The findings were weighted to mirror the demographics of the national population, with results released Jan. 23, 2018.
See related: What millennials can teach us about credit, Infographic: Credit card love from older millennials, 4 reasons millennials deserve more credit for how they handle money, Millennials' dining trends eschew traditional VIP card experiences, More infographics
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