The Concerns of High Income Millennials
It’s all a misunderstanding, this open disregard for Millennials which occupies so many corners of American culture today.
Millennials are just like the older members of American society, just younger. They have the same concerns others did when they were between the ages of 24 and 39.
To prove the point, Spectrem’s new study High Income Millennials asked that generation of income-producing, wealth-holding relative youngsters to explain what drives them and what holds them back.
The Millennials in the study have an annual income of at least $100,000 for someone living alone and $150,000 for a combined household income of two or more.
Given a list of personal, financial and retirement related concerns to consider, the issue most often cited was “being able to retire when I want to”. Yes, Millennials are already thinking about retiring. Fifty-one percent chose that as a concern that drives them and their current investment decisions.
It’s notable that Millennials already have retirement on their mind, but the concern is being able to retire when they want to. The question remains, when do Millennials want to retire? Since many Gen X investors, those Americans in the previous generation, are concerned that they will never be able to retire, it is noteworthy that the topic is already on the minds of the current most economically viable generation.
Fifty percent of Millennials state concern over “being able to main my current financial position.” This is, perhaps, a concern over the safety and security of their job in an atmosphere where automation replaces people in even high-paying occupations, not just the relatively low-skill jobs artificial intelligence has already usurped.
The third and fourth most popular answers indicate that Millennials are thinking about both their offspring and their predecessors. Forty-six percent of Millennials state concern for the responsibility they have regarding their aging parents. In a world where health care costs appear to rise unabated, the possibility that parents will someday require a financial benefactor is a viable concern.
At the same time, 45 percent of Millennials are concerned about financing the education of their children. As the cost of college education now plays a role in the American political horizon, tuition costs remain a reason for anyone to worry.
Forty percent of Millennials worry about their own health and 41 percent worry about the health of their spouse.
And then, there are the 37 percent of Millennials who are concerned about getting adequate help or advice to reach their financial goals. That is advice they are likely going to need to pay for, which may be a factor in their level of concern.
©2019 Spectrem Group
Keywords: personal, financial, health, concerns, investors, advisors, Spectrem, Millennials