BACK

Research and Statistics

Millennials are less financially stressed now

Summary

Millennials’ stress about savings, student loans, credit card debt and other financial issues has eased in the past three years, a Bank of America survey finds.

The editorial content below is based solely on the objective assessment of our writers and is not driven by advertising dollars. However, we may receive compensation when you click on links to products from our partners. Learn more about our advertising policy.

The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Please see the bank’s website for the most current version of card offers; and please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

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.

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 moneyMillennials’ dining trends eschew traditional VIP card experiencesMore infographics

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.

Millennials' financial stress is easing, Bank of America finds

To use the graphic on your site, use the following code:

<center><a href=”https://www.creditcards.com/credit-card-news/infographic-millennials-financial-stress.php”><img alt=”Infographic: Millennials’ financial stress is easing” border=”0″ src=”https://www.creditcards.com/credit-card-news/images/millennials-financial-stress.png” /></a> </center>

What’s up next?

In Research and Statistics

CFPB’s structure is constitutional, appeals court rules

The D.C. Circuit Court of Appeals ruled that Congress can insulate the federal consumer protection bureau from political pressure by shielding the director from being fired.

Published: January 31, 2018

See more stories
Credit Card Rate Report Updated: September 11th, 2019
Business
15.45%
Airline
17.38%
Cash Back
17.53%
Reward
17.40%
Student
17.58%

Questions or comments?

Contact us

Editorial corrections policies

Learn more

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.