NEW YORK, April 20, 2015 /PRNewswire/ — Millennials are feeling better about their finances than other age groups, according to Bankrate.com’s (NYSE: RATE) April 2015 Financial Security Index.
32% of employed millennials (18-29 year-olds) report higher job security relative to a year ago and just 4% report lower job security. Overall, 23% of employed Americans are feeling better about their job security now versus April 2014.
30% of millennials say their savings are in better shape now than a year ago, twice as many as the 15% who are less comfortable. In total, 20% of Americans are feeling better about their savings (including a measly 13% of those age 50 and older).
Overall Financial Situation
33% of millennials report their overall financial situation is better than 12 months ago and 16% say it has deteriorated. As with savings, the 50 and older crowd is feeling much worse. Only 19% are reporting a better overall financial situation.
This is the only category in which millennials are lagging behind. The most positive sentiment was observed among 30-49 year-olds. 29% of them are reporting higher net worth than a year ago and only 18% of millennials can say that.
“While millennials are doing pretty well financially, their net worth is being held back because they aren’t as invested as older adults in the stock and housing markets,” said Greg McBride, CFA, Bankrate.com’s chief financial analyst.
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here: