Spectrem Group’s 2014 study of Affluent households has found a heightened confidence among the youngest respondents about their financial futures. More than half expect their personal financial situation to be stronger a year from now, compared with 48 percent of respondents overall with a net worth of at least $100,000.
Fifty percent expect to have sufficient income to live comfortably during retirement compared with 43 percent of Gen Xers and late Baby Boomers.
Debt is the biggest financial concern among 42 percent of respondents. Four-in-ten said their debt is “overwhelming,” while 56 percent said they are living paycheck-to-paycheck.
The most pressing Millennial debt are Credit card debt (16 percent); mortgage (15 percent); student loans (12 percent); auto loans (9 percent) and medical debt (5 percent).
However, seven-in-ten Millennials are confident they will be able to save enough to create the lifestyle they want in the future. Again, women are less confident than their male counterparts.
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