Millennials and Money Research Report

Millennials and Money Research Understanding attitudes & behaviors toward saving and spending

1

TABLE OF CONTENTS RESEARCH METHOD

3

KEY FINDINGS

4

SAVER OR SPENDER?

7

SAVING HABITS

16

SPENDING HABITS

27

GOAL SETTING

41

RETIREMENT PLANS

55

FINANCIAL SECURITY

69

FINANCIAL ADVICE

73

APPENDIX

79

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Research Method

WHO 2,100 American adults (half Boomers and half Millennials)

Average time to complete survey: 20 minutes

WHAT

WHEN

Online Survey

48% Male 52% Female

June 17 to June 21 2016

CONDUCTED BY Head Solutions Group on behalf of TD Ameritrade Holding Corporation1

Throughout this report, arrows indicate a significantly higher/lower result than comparative group noted. Callouts show significant differences between Savers and Spenders and are color-coded to show whether they refer to Boomers (green) or Millennials (yellow).

West

Southwest

South

22%

13%

27%

Mid-Atlantic

New England

Midwest

15%

5%

19%

This survey was conducted by Head Solutions Group on behalf of TD Ameritrade Holding Corporation.1 The statistical margin of error for the total sample of N=2,100 American adults within the target group is +/- 2.1 %.2 This means that in 19 out of 20 cases, survey results will differ by no more than 2.1 percentage points in either direction from what would have been obtained by the opinions of all target group members in the U.S. Sample was drawn from major regions in proportion to the U.S. Census. Generations used in this report are defined according to the Pew Research Center. Millennials (born 1981 to 1997, ages 18 to 35 in 2016) and Baby Boomers (born 1946 to 1964, ages 52 to 70 in 2016).3 1 2 3

Head Solutions Group (U.S.) Inc. and TD Ameritrade Holding Corporation are separate, unaffiliated companies and are not responsible for each other’s products and services. Assumes survey participants are the same as non participants. http://www.pewresearch.org/fact-tank/2015/05/11/millennials-surpass-gen-xers-as-the-largest-generation-in-u-s-labor-force/ft_15-05-11_millennialsdefined/

Note: Percentages may not add up to 100 due to rounding. 3

Key Findings Boomers and Millennials share many similarities with respect to saving and spending money. Millennials are not as careless with money as some media has portrayed them. Rather, among Millennials, there is a subgroup that is more prone to adopting a live now, worry later attitude. Compared to Boomers, Millennials face increased pressure on their spending due to student loans and the negative influence of social media. Both American Boomers and Millennials are Savers. However, generation plays a role in how people see themselves. Ultimately, more Millennials than Boomers self-define as Spenders, and more Boomers than Millennials say they are Savers.

There is happiness in saving and financial security, though it may be harder to achieve for Millennials who are paying off student loans and dealing with more debt than Boomers. •

Both Boomer and Millennial Savers are happy to save (71%, 67%), and 8 in 10 equate it with financial security.

•

Almost 7 in 10 (68%) Boomers see themselves as Savers, and about two-thirds (62%) of Millennials say the same.

•

•

A majority (78%) of Boomers believe that saving has to start young; a smaller majority of Millennials (3 in 5) feel the same way. Millennials are more prone than Boomers to feel that spending money helps them enjoy life (25% vs. 15%). Savers are more likely than Spenders to be married, be homeowners, and earn higher incomes:

Financial security is very important to the happiness of 3 in 4 Boomers (76%) and 7 in 10 (68%) Millennials. Boomer Savers are most likely to feel secure and expect to remain that way (61%); Millennial Spenders are the least likely to feel the same way (18%).

•

Not surprisingly, Boomers’ focus is on saving for retirement (80%), and Millennials are more likely to be saving for something other than retirement (82%)–typically an emergency fund and/or a vacation.

•

A high proportion of Millennials are already saving for retirement (72%):

•

•

• •

•

•

They have a strong desire to meet their financial obligations (69% Boomers, 62% Millennials), and 6 in 10 Millennial Savers say they are Savers in order to meet their financial goals faster. Savers marry Savers, which they say prevents arguments (59% Boomers, 57% Millennials). Spenders want to “enjoy life now.” This attitude is stronger among Millennial Spenders (64%) than Boomer Spenders (52%). One in 7 (14%) Millennials say they are Spenders because they have so much debt they don’t care anymore. When Spenders marry Spenders, they acknowledge that this can make planning for the future a challenge.

•

•

Boomers are saving double the amount for retirement that Millennials are saving: $300 vs. $150 (median) per month

•

Millennial Spenders save the smallest amount of money ($95, median)

More Millennials than Boomers who are not saving say they cannot afford to (67% vs. 56%), perhaps because they have more debt: •

Four in 10 (39%) Millennials are paying off student loans by making monthly payments of $200 (median)

•

Millennials hold more non mortgage debt ($15k) than Boomers ($10k)

4

Key Findings (Continued)

Millennials budget, and when faced with tough spending choices, many choose saving over spending. Despite this seemingly reasonable approach, Millennials are less likely than Boomers to accept that they cannot afford a desirable item. Social media and its comparative nature seems to play an undeniable role in shaping these attitudes •

A surprising 8 in 10 (80%) Millennials budget compared to only 6 in 10 (61%) Boomers: • •

•

Boomers and Millennials share short-term and long-term goals, but Boomers are ahead of the game. They are more likely than Millennials to be ahead on their short- and long-term goals •

Mortgage/rent payments are the largest expenditure in both Millennials, and Boomers’ budgets. Since on average they earn less than Boomers, it makes sense that Millennials spend a greater proportion of their gross monthly income on mortgage/rent (Millennials 16%, Boomers 12%).

• •

When presented with a variety of scenarios that included a spending option and a saving option, both Millennials and Boomers were more likely to choose the saving option over the spending option: •

•

For example, 9 in 10 (87%) Boomers chose to put $100 per week toward debt/saving rather than spend $100 on a meal out, and 7 in 10 (73%) Millennials made the same choice. Across the various scenarios, the spending option was more likely to be picked by Millennials than by Boomers.

•

If presented with a desirable but unaffordable item, Boomers are more likely than Millennials to accept that they cannot afford to purchase it (Boomers 49%, Millennials 37%). Millennials are more likely than Boomers to set a savings target and buy it when the target is reached (39% vs. 33%).

•

For Millennials, keeping their spending in check is a challenge: a third (34%) feel some pressure to keep up with their friends’ spending habits, compared to only 1 in 10 (8%) Boomers. Social media has a definite hand in this with two-thirds (64%) of Millennials saying that they compare their situation to others due to social media. Only 3 in 10 (29%) Boomers say the same.

Three in 10 Boomers say they are ahead with their short- and long-term goals compared to 1 in 5 Millennials. Boomers are also more likely to regularly review the progress of their goals (56% vs. 48%): Most important short-term goals are having an emergency fund for both Boomers and Millennials. Paying for health care in old age is the #1 long-term goal for both generations. Retiring at a young age (before 65) is a long-term goal for 44% of Millennials.

•

Millennials have started or expect to start setting goals at 27 (Boomers 36) and saving for retirement at 26 (Boomers 31)-much younger ages than Boomers.

•

Though few (1 in 5) Millennials or Boomers have a written-down financial plan made with an advisor, Millennials are more likely than Boomers to have written down their goals, independent of a financial advisor.

•

Homeownership remains an important goal for Millennials. Compared to Boomers, however, Millennials show less interest in this American ideal. Eight in 10 (78%) Boomers say that homeownership is very important compared to 2 in 3 (64%) Millennials.

5

Key Findings (Continued)

Sailing into the sunset before age 65 may not be on the cards for some American Boomers and Millennials. Boomer Savers are at a definite advantage when it comes to the prospect of retiring at a desired age compared to Spenders. However, affordability is not the only reason for delayed retirement-fear of boredom has some Boomers and Millennials reconsidering the very idea of retirement. •

Among those who want to retire, Boomer Savers are at an advantagetwo-thirds of them say they are very confident they will retire when they want to compared to under 4 in 10 (38%) Boomer Spenders

•

A sizeable number of workers say they won’t or don’t want to retire early/retire all together: • •

•

And for some, retirement brings boredom: • •

•

One quarter of working Boomers (26%) and Millennials (23%) expect that they will simply never retire 1 in 5 working Boomers (19%) and 1 in 7 (15%) working Millennials don’t even want to fully retire One in 10 Boomers have retired temporarily and gone back to work, mainly from boredom One-third of Millennials are concerned that retirement may be boring (35%) or an unproductive time of their lives (32%)

Automated advice is an option as long as human contact is available when needed. •

Four in 10 Millennials say they would feel confident using an automated online investment service if human contact is available when needed. One-third of Boomers feel the same way.

•

In major financial situations that may require advice, about 2 in 10 Millennials and 1 in 4 Boomers would consider an online advice platform with human contact.

•

Two in 5 Millennials and 1 in 5 Boomers will look for professional advice when planning for retirement: •

Half (48%) of Boomers and 4 in 10 Millennials believe they do not or will not need any help to plan their retirement

Millennials take saving for retirement seriously: • • •

Six in 10 Millennials plan to have started saving for retirement before turning 30; only 4 in 10 (39%) of Boomers achieved this One-quarter of Millennials say that a reliable job was, or will be, the trigger to start saving for retirement Over half of Millennials are prepared to retire later than they would like to in order to make their savings last longer; only 3 in 10 Boomers feel the same way

6

Saver or Spender?

7

Throughout this report, the differences between people who see themselves as “Spenders” or as “Savers” are highlighted. • • •

Both Boomers and Millennials are more likely to think of themselves as Savers than as Spenders Boomers are more likely to think of themselves as Savers than are Millennials (68% vs. 62%) Across generations, Savers are more likely than Spenders to be married, be homeowners, and have a higher income Thinking generally about your attitudes toward money, are you more of a “saver” or more of a “spender”?

%

Boomers

Boomer Savers Spenders

Millennial Savers Spenders

Average1 income ($k)

94

83

75

61

Homeowners (%)

88

81

46

39

Single, never married (%)

9

11

47

55

Married/ common-law (%)

73

63

51

40

Fully retired (%)

36

29

0

0

Working full-time (%)

38

47

68

61

Millennials

80 68

Demographic Differences Between Savers And Spenders

62

60

40

38

32

20

0

Savers

Spenders

Q150. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

8

Wanting to “enjoy life now” is the main reason why Spenders think that they are Spenders-and more so for Millennial Spenders (64%) than Boomer Spenders (52%). One in 7 (14%) of Millennial Spenders say they are a Spender because they have so much debt they don’t care anymore

•

Why do you think you are more of a spender than a saver? % 52

I want to enjoy life now

64

27 27

I expect I will need to work until late in life, so I want to enjoy my life along the way I have a high enough income to spend without needing to save

10

At my age there is no need to worry about the future

6

Boomers Millennials

8 7

I have so much debt that I don't care anymore and spend what I like

13

14

4 4

My parent(s)/guardian(s) were savers, and it didn't make them happy A financial crisis might reduce/destroy any savings, so saving seems to be a waste of time

3

8

2

My parent(s)/guardian(s) were spenders, and it made them happy Other

10 10

0

10

15

20

30

40

50

60

70

Q155. Base: All spenders (Boomers n=332, Millennials n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

9

Savers say they are Savers because they want to feel confident that they can meet their financial obligations no matter what life throws at them. Six in 10 Millennial Savers say they are Savers because they want to meet their goals faster

•

Why do you think you are more of a saver than a spender? % 69

I want to feel confident that I can meet my financial obligations whatever happens

62 54

I want to make sure I can enjoy life later in life

46 34

Saving will allow me to meet my goals faster (e.g., purchase a home, be debt-free, etc.)

59 32 34

I only/mostly spend when I've saved up for things in advance

Boomers Millennials

20

My parent(s)/guardian(s) were savers, and it made them happy

23 3

My parent(s)/guardian(s) were spenders, and it didn't make them happy

12 3

Other

2 0

10

20

30

40

50

60

70

80

Q156. Base: All savers (Boomers n=706, Millennials n=659) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

10

Boomers are more likely than Millennials to be married to someone with the same Saver/Spender outlook. Two-thirds of Boomer Savers are married to Savers, compared to only 52% of Millennial Savers who are married to Savers

•

Is your spouse/partner more of a saver or more of a spender?

%

100 80

34 55

60 40 20 0

48

44

I am married to a spender

52

56

I am married to a saver

Millennial Saver

Millennial Spender

M. Sp

66 45

M. Sav

Boomer Saver

Boomer Spender Boomers

Millennials

Q162. Base: All with a spouse/partner (Boomers n=722, Millennials n=497, Boomer Savers n=514, Spenders n=208, Millennial Savers n=335, Millennial Spenders n=162 Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

11

A Saver being married to another Saver prevents arguments for 6 in 10 (59% Boomers, 57% Millennials). Four in 10 Boomer Savers married to a Saver say they would not be happy in a relationship with a Spender

•

%

You said that both you and your spouse/partner are savers. Which of the following, if any, apply to your relationship? 59

Both being savers helps prevent arguments about money

57

32

It was important to me to find a partner who viewed money in the same way as I do

46

17

Both being savers means we sometimes find it hard to enjoy ourselves/to 'live life for the moment'

Boomers

28

Millennials 40

I don't think I would be happy in a relationship with a spender

23

12

None of the above

8 0

10

20

30

40

50

60

70

Q163. Base: All savers with saver partners (Boomers n=338, Millennials n=173) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

12

Spenders who are married to Spenders acknowledge that planning for the future can be difficult-especially for Millennial Spenders.

%

You said that both you and your spouse/partner are spenders. Which of the following, if any, apply to your relationship? Caution: Low sample sizes

Both being spenders means we sometimes find it hard to plan for the future

27 43 17

Both being spenders helps prevent arguments about money

26

It was important to me to find a partner who viewed money in the same way as I do

8

Boomers 13

Millennials

6

I don't think I would be happy in a relationship with a saver

6 49

None of the above

29 0

10

20

30

40

50

60

Q164. Base: All spenders with spender partners (Boomers n=115, Millennials n=72 (Caution: low samples)) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

13

Four in 5 (78%) Boomers agree that people should start saving young to reach goals faster-a sentiment only 3 in 5 Millennials agree with.

To what extent do you agree or disagree with the following statements? % 8 to 10 on a 10-point scale-top 5 statements sorted by level of agreement for Boomers

Boomers

Millennials

78

You should start saving while you're young, so you can reach your goals faster Boomers: Savers 83%, Spenders 66%

61

Millennials: Savers 70%, Spenders 48% 73

It is better to save while you can; you never know what the future might bring Boomers: Savers 81%, Spenders 57%

63

Millennials: Savers 71%, Spenders 49% 53

I want to make sure I can enjoy myself later in life, so I need to save now Boomers: Savers 64%, Spenders 29%

51

Millennials: Savers 60%, Spenders 35% 45

The things I have spent money on in the past/now (e.g., education, travel, experiences) have helped me later in life/will help me get ahead in the future Boomers: Savers 49%, Spenders 37%

36

Millennials: Savers 42%, Spenders 28% 39

I want to save to help my family Boomers: Savers 43%, Spenders 30%

56

Millennials: Savers 62%, Spenders 47% 0

10

20

30

40

50

60

70

80

90

Q170. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

14

One-quarter (25%) of Millennials feel that spending money helps them enjoy life now. •

Two in 5 (40%) Millennials say they have family to support them in case of a financial emergency, whereas only 15% of Boomers can say the same

To what extent do you agree or disagree with the following statements? % 8 to 10 on a 10-point scale–bottom 5 sorted by level of agreement for Boomers 15

I want to enjoy life now, and spending money helps me do that Boomers: Savers 9%, Spenders 29%

25

Millennials: Savers 19%, Spenders 34% 15

I have family who will support me in an financial emergency Boomers: Savers 17%, Spenders 10%

40

Millennials: Savers 44%, Spenders 33% 9

Spending money to enjoy myself now is worth more to me than saving to spend in the future

Boomers 17

Boomers: Savers 6%, Spenders 16%

Millennials

5

You may as well spend more and save less while you're young and can enjoy it and catch up with saving later in life

17 3

I like to spend money to make a good impression

15 0

10

20

30

40

50

Q170. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

15

Saving Habits

16

The large majority (80%) of Boomers is saving for retirement. A high proportion (72%) of Millennials is also saving for retirement. Three in ten (28%) of Millennial Spenders do not save anything for retirement in a typical month Boomers are saving double the monthly amount that Millennials are saving: $300 vs. $150 (median)

• •

How much money do you save in a typical month for retirement?

%

Boomers

Millennials

40 Savers 22%, Spenders 38%

All saving money for retirement

28

20

Boomers: 80%, Millennials: 72%

20

19

22

Savers 24%, Spenders 19% 18 10

10

12

14

13

8

6 0

13 5 0

Zero

Under $100

Monthly Savings

$100 to $249

$250 to $499

$500 to $999

$1,000 to $1,999

$2,000 to $4,999

Boomers Spenders

2

$5,000 or more

Millennials Savers Spenders

Boomers

Millennials

Average1

$565

$315

$700

$330

$390

$195

Median

$300

$150

$500

$150

$200

$95

Savers

Q100. Base: All who are not retired (Boomers n=582, Millennials n=1,061, Boomer Savers n=381, Boomer Spenders n=201, Millennial Savers n=658, Millennial Spenders n=403) 1. Average savings calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 17

Eight in 10 (82%) Millennials are saving for something other than retirement, more so than the 7 in 10 (72%) Boomers doing the same. Boomer and Millennial Savers are saving $100 more per month (median) than Boomer and Millennial Spenders

•

How much money do you save in a typical month, for anything other than retirement?

%

Boomers 40

All saving money for anything other than retirement

Savers 25%, Spenders 33%

31

28

20

18

34

Boomers: 72%, Millennials: 82%

Savers 13%, Spenders 17%

Savers 15%, Spenders 8%

15

12

8

0

Millennials

Zero

6

Under $100

Monthly Savings

$100 to $249

13 9

7

9 5

$250 to $499

$500 to $999

$1,000 to $1,999

3

1

$2,000 to $4,999

Boomers Spenders

1

$5,000 or more

Millennials Savers Spenders

Boomers

Millennials

Average1

$285

$270

$360

$160

$340

$165

Median

$150

$150

$200

$100

$200

$100

Savers

Q101. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) 1. Average savings calculation excludes lowest and highest 5% (i.e. excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 18

Emergency funds and vacations are the top 2 non retirement items being saved for-for both Boomers and Millennials. One-quarter of Millennials are also saving for a down payment on a home, almost one in 5 are saving for education, and one in 10 for a wedding/civil ceremony

•

%

Excluding saving for retirement, which of the following are you currently saving for? 47

Emergency fund (e.g., for home/auto repairs, unexpected bills)

46 45

A vacation Home improvements Health or medical emergency 17

Gifts/holiday purchases Education of my children/grandchildren

11

A specific purchase or purchases of $2,000 or more each

11 7

A specific purchase or purchases under $2,000 each Wedding/civil ceremony of my children/grandchildren

3

A down payment on a home

3

24 23

27

30

51

25

18 16

Boomers

15

Millennials

4 26

My wedding/civil ceremony

11

My education

17

Nothing in particular Something else

3 0

10

4 10

20

24

30

40

50

60

Q110. Base: All with non retirement savings (Boomers n=748, Millennials n=868, Boomer Savers n=527, Boomer Spenders n=221, Millennial Savers n=566, Millennial Spenders n=302) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

19

About two-thirds of Boomers (66%) and slightly fewer Millennials (61%) say saving money makes them happy. Savers within both generations are the most likely to say that saving makes them happy (Boomer Savers: 71%; Millennial Savers: 67%)

•

To what extent does saving money make you happy?

% 1-5

6

7

8

6

8

16

24

Boomers 1 1 2

14

27

Savers 71%, Spenders 53%

1-5

Not at all happy

10

Very happy

Not at all happy

Millennials 11 2 2

9

7

66%

6

7

8

9

10

9

17

21

10

30

Very happy Savers 67%, Spenders 50%

61%

Q116. Base: All with non retirement savings (Boomers n=748, Millennials n=868, Boomer Savers n=527, Boomer Spenders n=221, Millennial Savers n=566, Millennial Spenders n=302) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 20

Eight in 10 of those who are happy saving money like the feeling of security that comes with it. Millennials are more likely than Boomers to state that saving helps reach their goals (66% vs. 50%) and allows them to support their family, if needed (59% vs. 39%)

•

Why does saving money make you happy? % Boomers

78%

Millennials

81%

59% 66%

60% 39%

64%

50%

It Helps Me Feel Secure

It Helps Me Reach My Goals

It Means I Can Support My Family, If Needed

It Gives Me A Sense Of Freedom

Q117. Base: All who are happy with saving (Boomers n=670, Millennials n=752) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

21

Over half (56%) of Boomers and two-thirds (67%) of Millennials who are not saving say they simply cannot afford to do so.

Why are you currently not saving for anything (excluding retirement saving)?

% 80

Savers 45%, Spenders 72% 67

60

Boomers

Savers 61, Spenders 72%

Caution Low sample sizes

Millennials

56

40 24 17

20 4 0

I can't afford to

6

9 2

4

7

9

9

0

I'd rather spend I have sufficient money I expect to get an A parent will help me money on things that saved already inheritance, don't need financially make me happy than to save save

I have a high enough income to buy everything I need or want

All my savings are put towards retirement

7

5 Other

Q120. Base: All who are not saving, excludes retirement savings (Boomers n=290, Millennials n=194, Boomer Savers n=179, Boomer Spenders n=111, Millennial Savers n=93, Millennial Spenders n=101. Caution: low sample sizes) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed. 22

Four in 10 (39%) Millennials are currently paying off a student loan. About two-thirds (64%) of Boomers have never had a student loan. This percentage drops to 4 in 10 (37%) among Millennials

•

Are you currently paying off a student loan, or have you paid a student loan off in the past?

% 80

Boomers

Millennials 64

60

39

40

37 27 19

20 4 0

I am currently paying off a student loan for myself

5

2

I am currently paying off a student loan for a child or grandchild

3

1 I have paid off a student loan in the past and have no current student loan debt

I have never had a student loan

I don't know

Q130. Base: All (Boomers n=1,038, Millennials n=1,062) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

23

Among Millennials who have a student loan, the vast majority (93%) is making monthly payments which, on average, amount to $200 (median).

How much are your student loan payments each month?

%

40 34

All who are making monthly student loan payments Millennials: 93%

25

Millennials

20 14

13 7

5 1

0

Zero

Under $100

Monthly Payments

$100 to $249

$250 to $499

$500 to $999

$1,000 to $1,999

Boomers Spenders

$2,000 or more

Millennials Savers Spenders

Boomers

Millennials

Average1

--

$275

--

--

$300

$240

Median

--

$200

--

--

$245

$200

Savers

Q141. Base: All who are paying a student loan (Boomers n=38 (sample size too low to chart), Millennials n=416, Millennial Savers n=246; Millennial Spenders n=170) 1. Average savings calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 24

On average, Millennials hold more non mortgage debt ($15k) than Boomers ($10k). Spenders-whether they are Boomers or Millennials-hold over $18k in non mortgage debt Almost half (46%) of Boomer Savers have no non mortgage debt, compared to only 32% of Millennial Savers

• •

%

How much debt do you currently have, approximately (excluding mortgage debt)?

Savers 46%, Spenders 18% 40

Boomers

37 Savers 32%, Spenders 21% 28

18

20

21 Savers 4%, Spenders 15% 10

0

Zero

Millennials

All with debt, other than mortgage debt Boomers: 63% Millennials: 72%

Under $5,000

8

$5,000 to $9,999

11

12 8

$10,000 to $19,999

Savers 6%, Spenders 12%

10 6

$20,000 to $29,999

8

6

$30,000 to $49,999

7

4

$50,000 to $99,999

Boomers Spenders

7

$100,000 or more

Millennials Savers Spenders

Boomers

Millennials

Average Debt1

$10,170

$15,110

$6,420

$18,880

$13,265

$18,270

Median

$2,000

$5,000

$500

$10,000

$3,000

$9,500

Savers

Q180. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) 1. Average savings calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 25

Half (47%) of Millennials feel anxious and 3 in 10 (30%) are embarrassed, frustrated, or regretful about having debt. Four in 10 Boomers, especially Savers, don’t feel any particular emotion related to their debt, though one -third report feeling anxious

•

How does having debt make you feel?

% 60 50

Savers 40%, Spenders 31% 37

33

30

30

24

22 12

17

13

Embarrassed, frustrated, or Out of control or irresponsible regretful

16

16

8

10 0

Millennials

47

Savers 26%, Spenders 37%

40

20

Boomers

Savers 9%, Spenders 20%

Anxious

Motivated

Debt is a necessary investment in my future/my family's future

None of the above

Q181. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

26

Spending Habits

27

Mortgage/rent payments are the largest expenditure in both Millennials’ and Boomers’ budgets. •

Boomers spend more than Millennials on groceries, utilities, technology, and eating out in a typical month

In a typical month, tell us how much you spend, approximately, in each of the following categories Boomers

$, Average spent1 Savers $1,954, Spenders $2,383 Savers $566, Spenders $835

TOTAL SPEND

Mortgage or rent payments Groceries

256 237 151 130 94 129 102 127 153 108 98 66 60 53 28 47 51 8 12

Utilities Technology (e.g., cell phone and Internet/data usage) Eating out Savers $138, Spenders $179

Millennials

Car payments

Travel (e.g., fuel or public transit) Clothes, shoes, and accessories Gifts/money given to others Entertainment (e.g., sports, shows, nights out) Gym membership/exercise classes/working out 0

350

500

1,827

652 659

1,000

1,500

2,000

2,091

2,500

Q200. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) 1. Average spending calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 28

Mortgage/rent payments account for a third of total monthly expenditures for both Boomers and Millennials. •

Boomers spend a greater proportion of their monthly outlay than Millennials on groceries and utilities

In a typical month, tell us how much you spend, approximately, in each of the following categories Boomers

Spend as % of total monthly spend

Millennials 34

Mortgage or rent payments Groceries Utilities 8

Car payments Eating out

6 6 6 6

Technology (e.g., cell phone and Internet/data usage) Travel (e.g., fuel or public transit) Gifts/money given to others

3

Clothes, shoes, and accessories 3

Entertainment (e.g., sports, shows, nights out) 1 1

Gym membership/exercise classes/working out 0

4 4

7

11

9

14

36

17

10

7

5

4

5

10

15

20

25

30

35

40

Q200. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

29

Millennials spend almost half (45%) of their gross monthly income across the categories below, compared to Boomers who spend 36%. •

Millennials spend a greater proportion of their gross monthly income than Boomers on mortgage or rent payments (16% vs. 12%)

In a typical month, tell us how much you spend, approximately, in each of the following categories Spend as % of gross monthly household income1

Boomers

Millennials

Savers 33%, Spenders 43% 36

TOTAL SPEND 12

Mortgage or rent payments Groceries Utilities 3

Car payments Technology (e.g., cell phone and Internet/data usage) Eating out Travel (e.g., fuel or public transit) 1

Clothes, shoes, and accessories

2 3 2 2 2 3

5 4

45

16

7 7

Savers 40%, Spenders 52%

4

2 1 1 1 1

Gifts/money given to others Entertainment (e.g., sports, shows, nights out)

0 0

Gym membership/exercise classes/working out 0

5

10

15

20

25

30

35

40

45

50

Q200. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 1. Gross monthly household income calculated as annual household income before taxes divided by 12. Annual household income data collected in bands (see sample characteristics in appendix) and recoded as midpoint of the bands for this calculation (e.g., $50,000 - $74,999 = $62,500). 30

Eight in 10 (80%) Millennials budget compared to only 6 in 10 (61%) Boomers. Almost half (45%) of Millennial Spenders have a budget they follow most of the time

•

To what extent do you have and follow a budget for your spending and saving? % Boomers

80

All who budget Boomers: 61% Millennials: 80%↑

70 60

Savers 45%, Spenders 33%

50 40

Millennials

Savers 38%, Spenders 30%

38

41

35

30 20

17

17 10

10

19 13 2

0

I don't have a budget

I have a budget that I follow exactly

I have a budget that I I have a budget that I follow most of the time follow some of the time

4

I have a budget, but I don't follow it

1

3

I don't know

Q205. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

31

Over 9 in 10 Millennials overspend, under save or take on additional debt at least one month per year, compared to 86% of Boomers.

How often do you find you have spent more in a month than you wanted to and have either not been able to save as much as you wanted or have taken on additional debt?

%

Boomers

Overspending at least once: Boomers: 86% Millennials: 93%↑ 80

Millennials

Savers 50%, Spenders 66% Savers 64%, Spenders 43%

70 56

60

57

Savers 44%, Spenders 27%

50 Savers 19%, Spenders 51% 40 29 30

37

20

14 7

10 0

Often (4 or 5 times a year or more)

Not often (No more than 2 or 3 times a year or less)

Never

Q206. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

32

If challenged with an unaffordable but desirable item, Boomers (49%) are more likely than Millennials (37%) to accept they cannot afford it. Four in 10 Millennials will set themselves a savings target and buy the item once they’ve hit the target

•

When you see something you would really like to buy that you know you can’t really afford, what are you most likely to do? % 49

Accept that you can't afford it and not buy it

37 Savers 38%, Spenders 23%

33

Set yourself a savings target and buy it when you have reached the target

39 Savers 4%, Spenders 18%

9

Try to forget about it for a little while, but end up buying it later anyway

Savers 42%, Spenders 35%

Boomers

Savers 11%, Spenders 20%

14

Millennials

5

Buy it on the spot and worry about the cost later

7 5

Something else

2 0

10

20

30

40

50

60

Q210. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

33

Boomers believe they need less money than Millennials to be happy. Over half of (54%) Boomers reckon they only need a little more money than the minimum to be happy compared to one-third (34%) of Millennials who say the same

•

Above a minimum amount to cover the essentials, do you need money in order to be happy?

%

Boomers

Millennials

6% 12% 18%

8% 28% 34% 39%

54% I need a substantial amount of money above the minimum for essentials

I need a somewhat substantial amount of money above the minimum for essentials

I need only a little more money than the minimum for essentials

I'm happy covering the essentials and no more

Q240. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

34

The minimum personal income to be happy is $58,000 for Boomers and $51,000 for Millennials.

What is the minimum personal income you need to feel happy?

%

Boomers

Millennials

45% 38%

41%

38%

21% 17%

$50,000 to $99,999

Under $50,000

$100,000 or more

Boomers Spenders

Millennials Savers Spenders

Boomers

Millennials

Average Income1

$58,375

$51,075

$57,785

$59,635

$52,890

$48,720

Median

$50,000

$50,000

$50,000

$60,000

$50,000

$50,000

Savers

Q250. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) 1. Average savings calculation excludes lowest and highest 5% (i.e., excludes outliers) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 35

A third of Millennials (34%) feel some pressure to keep up with their friends’ spending habits. Less than 1 in 10 (8%) of Boomers say the same

•

To what extent do you feel pressure to keep up with the spending habits of your friends?

% 1

58

Boomers

2

3

14

9

5

5

1 to 3: 81%

6 to 10: 8%

1

2

3

4

5

6

7

29

6

10

10

11

10

10

Do not feel any pressure 1 to 3: 45%

3 2 2 11

Definitely feel pressure

Do not feel any pressure

Millennials

8-10

4-7

.

8-10 6

3

4

Definitely feel pressure 6 to 10: 34%

.

Q270. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

36

Millennials are pressured to keep up with their friends’ spending due to frequently going out (52%), social media posts (46%), wanting a nice home (44%), and wanting to be well-dressed (44%).

What contributes to the pressure (to keep up with the spending habits of your friends)? % 52

Frequently going out Friends posting their purchases, vacations, images that reflect their lifestyle on social media

46

Wanting a nice home/seeing others living in a nice home

44

Wanting to be well-dressed/seeing others well-dressed

44

Friends with fancy tastes in food/restaurants

43

Millennials

28

Supporting family members Other

2 0

10

20

30

40

50

60

Q280. Base: All who feel pressure-i.e., 7+ on 10-point scale (Boomers n=56 (too low to report), Millennials n=255) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

37

Two-thirds (64%) of Millennials find that social media causes them to compare their situation to others. Only 3 in 10 (29%) Boomers say the same.

Does social media sharing of images and milestones cause you to compare your situation to others?

%

Boomers

Millennials

71% Yes/sometimes Boomers: 29%, Millennials: 64%

36%

38% 26%

25%

5%

Yes

Sometimes

No

Q285. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

38

Millennials are more likely than Boomers to choose to spend money on eating out with friends or family or on experiences than to put the money toward debt or savings. Boomers and Millennials were presented with various scenarios that included a ‘spending’ option and a ‘saving’ option and asked which they would choose (‘as a 25-year-old,’ for Boomers)

•

Which of the two options below would you choose? %

Boomers

Option A Savers 11%, Spenders 19% Spend $100 a week eating out with your friends/family

13

Millennials

Savers 87%, Spenders 81%

87 27

Put an additional $100 a week towards any debt (e.g., mortgage/student loans/credit cards)

73

Savers 22%, Spenders 35%

Savers 78%, Spenders 65%

Savers 22%, Spenders 37% Spend $200 on an experience you enjoy (e.g. sports, entertainment)

Savers 78%, Spenders 63% 73

27

60

40

Savers 30%, Spenders 56%

Savers 30%, Spenders 40%

Put $200 towards your retirement/savings Savers 70%, Spenders 44%

Savers 28%, Spenders 40% Spend $2,000 on a trip

Option B

Savers 72%, Spenders 60% 32 34

68 66

Put $2,000 toward paying off any debt (e.g., mortgage/student loans/credit cards) Savers 70%, Spenders 60%

Q291. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

39

Millennials are much more reluctant than Boomers to put money in the stock market rather than a savings account but are more likely than Boomers to pay for a vacation on a credit card than save up for it. Boomers and Millennials were presented with various scenarios and asked which they would choose (‘as a25-yearold,’ for Boomers)

•

Which of the two options below would you choose? %

Boomers

Option A

Millennials

Savers 47%, Spenders 40% Invest $1,000 in the stock market

Savers 53%, Spenders 60% 45 23

77

Savers 14%, Spenders 26% Take a vacation when you want to by paying for it by credit card Savers 17%, Spenders 27%

Option B

55

Put $1,000 in a savings account

Savers 86%, Spenders 74% 17 21

83 79

Plan, save, and pay in cash for a vacation in a year's time Savers 83%, Spenders 73%

Q291. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

40

Goal Setting

41

Paying for health care in old age is the #1 long-term goal for both Boomers and Millennials. Retiring before age 65 is a long-term goal for 45% of Millennials.

What are your long-term financial goals/plans? %, in order of Boomers %

Boomers

Having sufficient money to pay for my health care in old age

51

Having savings set aside for an emergency

44 40

Savers 62%, Spenders 51%

58

Savers 47%, Spenders 35%

38 37

Leaving an inheritance when I die

32

Retiring at age 65 or older

31 28

Investing in the stock market

26

Retiring before age 65

Savers 47%, Spenders 41%

45

39 Savers 34%, Spenders 23% Savers 30%, Spenders 24% Savers 29%, Spenders 20%

44

Savers 48%, Spenders 38%

25 29

Home renovations

25

Affording a vacation 0

10

20

30

Paying for grandchildren's education

22 24 18

50

60

70

80

25

15

Paying for children's education Saving for a down payment on a home

45

12 10

Paying down student loan debt 7

Paying for my own education None of the above

30 40

24 28

Buying a car/motor vehicle

Paying down debt (other than student loans)

36

Paying off a mortgage

Millennials

6 0

36 24 19

10 20

40

60

80

Q305b. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

42

Having sufficient savings for health care in old age is the most important long-term goal for Boomers. For Millennials, there is no single goal that is clearly the most important. •

Paying down student debt is the most important short-term goal for 1 in 10 Millennials who have goals

Which of your long-term goals is most/least important? %, top 10 by total

Boomers

Most important

Having sufficient money to pay for my health care in old age

28

9

Millennials

Least important

Paying off a mortgage

15 12

Leaving an inheritance when I die

Having savings set aside for an emergency

14 12

Retiring before age 65

7

Retiring before age 65 Saving for a down payment on a home

2

Paying for children’s education

2

11

Home renovations

11

Buying a car/motor vehicle

10 7 5

Retiring at age 65 or older Paying down debt (other than student loans)

6 6

Leaving an inheritance when I die

3 1

Paying down student loan debt 0

8 6 10

20

30

10

Affording a vacation

40

13 13

8 7

11 8

10

9 8

Having sufficient money to pay for my health care in old age

7

Investing in the stock market

7

Retiring at age 65 or older

7 7

Paying off a mortgage

4

Paying for grandchildren’s education

3 0

10 9

8

5 10

20

30

40

Q310. Base: All with at least one long-term goal (Boomers n=932, Millennials n=1,002, Boomer Savers n=638, Boomer Spenders n=294, Millennial Savers n=624, Millennial Spenders n=378) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 43

Affording a vacation and having emergency savings are the top shortterm goals for both Millennials and Boomers. •

Boomers are more likely than Millennials to have a short-term goal of home renovations, and Millennials are more likely than Boomers to be aiming to pay student down loans or save for a home

What are your short-term financial goals/plans? Boomers

%, in order of Boomers %

56 59

Affording a vacation Having savings set aside for an emergency

Retiring at age 65 or older

53 56

Home renovations

40

29

Paying down debt (other than student loans)

33

40

Having sufficient money saved/invested to pay for my health care in old age

26

16

Retiring before age 65

13

25 24 23

Investing in the stock market

20 17

Paying off a mortgage 0

10

20

30

40

50

19

9

Paying for children's education

14 18

Paying down student loan debt

14

Paying for my own education

13

Saving for a down payment on a home

12

Leaving an inheritance when I die

10 10

32

Savers 28%, Spenders 42%

32 34

Buying a car/motor vehicle

Millennials

60

70

80

Paying for grandchildren's education

7 6

None of the above

6 0

25 30

Savers 32%, Spenders 26%

12 20

40

60

80

Q305a. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

44

Having emergency savings is the most important short-term goal, and affording a vacation the least important for both Boomers and Millennials. •

Paying down student debt is the most important short-term goal for 1 in 10 Millennials who have goals

Which of your short-term goals is most/least important? %, top 10 by total

Boomers

Most important

Having savings set aside for an emergency

20

Paying down debt (other than student loans)

15

Affording a vacation

9 2

Saving for a down payment on a home

6

Paying off a mortgage

Having sufficient money saved/invested to pay for my health care in old age

10 8

2

Home renovations

4 0

7 10

20

30

40

29

13 11

Home renovations

9

1

Paying down student loan debt

10

8

3

26

Buying a car/motor vehicle

18

7

4

Least important Affording a vacation

12

Buying a car/motor vehicle

Retiring before age 65

23

Millennials

10

Investing in the stock market

7

Having savings set aside for an emergency Paying down debt (other than student loans)

6 7

13

9

4 5

Retiring before age 65

4

Paying down student loan debt

3

Retiring at age 65 or older

2

Paying for my own education

3 0

6 6 5

4 10

20

30

40

Q310. Base: All with at least one short-term goal (Boomers n=916, Millennials n=995, Boomer Savers n=622, Boomer Spenders n=294, Millennial Savers n=621, Millennial Spenders n=374) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 45

Millennials expect to (or did) start setting financial goals at age 27, 9 years earlier than Boomers (36).

At what age did you or do you expect to start setting financial plans/goals?

% 80

Boomers

Savers 62%, Spenders 53% 59

60 Savers 34%, Spenders 17%

40

29

Savers 24%, Spenders 34% 28

Savers 20%, Spenders 38%

28

25 15

20 2 0

Millennials

6

3

Under 18

18 to 29 years old

30 to 39 years old

4

40 to 49 years old

50 or more

I don’t know: Boomers 28% Boomers Spenders

Millennials 16%

Millennials Savers Spenders

Boomers

Millennials

Average Age1

36

27

34

42

26

28

Median

32

26

30

40

25

28

Savers

Q315. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) 1. Average age calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 46

Only 1 in 5 Millennials and Boomers with goals have a written plan, made with a financial advisor. Millennials are more likely than Boomers to have written down their goals, independent of a financial advisor.

Have your main financial goals/plans been written down (either with the help of a financial advisor or not), or are they clear enough in your mind that you could write them down if asked to?

%

Boomers

60

Millennials

48 43 40

Savers 22%, Spenders 13%

Savers 13%, Spenders 24%

Savers 22%, Spenders 12% 20

0

19

22

18

Savers 14%, Spenders 32% 20

17

13

Written down in a plan made with your Written down in a plan you made without a Not written down anywhere, but clear in financial advisor financial advisor my head and could be written down if asked to

None of the above

Q320. Base: All who set themselves short- or long-term goals (Boomers n=962, Millennials n=1,018, Boomer Savers n=656, Boomer Spenders n=306, Millennial Savers n=635, Millennial Spenders n=383) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 47

Boomers are more likely than Millennials to be ahead with their shortterm goals (30% vs. 21%).

To what extent are you on track to meet your short-term goals/plans?

% 60

Boomers

Ahead Boomers: 30% Millennials: 21%

40

40

Millennials

39 30

Savers 5%, Spenders 19%

Savers 24%, Spenders 4% 20

0

19

17 9

I am very far ahead

Behind Boomers: 30% Millennials: 40%

12

12

I am slightly far ahead

Savers 6%, Spenders 21% 11

I am on track

I am slightly far behind

11

I am very far behind

Q330. Base: All who set themselves short-term financial goals (Boomers n=908, Millennials n=995, Boomer Savers n=617, Boomer Spenders n=291, Millennial Savers n=622, Millennial Spenders n=373) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 48

Boomers are more likely than Millennials to be ahead with their longterm goals (27% vs. 18%).

To what extent are you on track to meet your long-term goals/plans?

% 60

Boomers

Ahead Boomers: 27% Millennials: 18%

40

Millennials

40

39 27

Savers 21%, Spenders 4% 20

15

0

19 12

7

I am very far ahead

Behind Boomers: 33% Millennials: 43%

11

I am slightly far ahead

I am on track

I am slightly far behind

Savers 9%, Spenders 26% Savers 9%, Spenders 26% 16 14

I am very far behind

Q335. Base: All who set themselves long-term financial goals (Boomers n=927, Millennials n=993, Boomer Savers n=634, Boomer Spenders n=293, Millennial Savers n=623, Millennial Spenders n=370) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 49

Boomers are more likely than Millennials to regularly review the progress of the goals that they set in order to stay on track (56% vs. 48%). Millennials are 10 times more likely than Boomers to use expenses apps (21% vs. 2%).

Which, if any, of the following strategies do you use to help achieve your financial goals/plans? % Boomers

Millennials

Regularly reviewing your progress

56

48

Saving a set amount of money on a regular basis

Savers 43%, Spenders 51% 54

40

Following a budget for your household finances Getting advice, guidance, or support from a financial professional 12 6

Setting alarms, notifications, or reminders on your cellphone or computer Using an app on your phone to keep track of your day-to-day expenses

2

Something else

2 0

Savers 42%, Spenders 36%

45

28

21

Sharing your goals and/or progress with friends or family

56

24 17 21

4 10

20

30

40

50

60

70

80

Q340. Base: All who set themselves short-term or long-term financial goals (Boomers n=981, Millennials n=1,036, Boomer Savers n=666; Boomer Spenders n=315, Millennial Savers n=645, Millennial Spenders n=391) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed. 50

Home ownership is much more important to Boomers (78% say it is very important) than to Millennials (64%).

How important is home ownership to you?

% 1-3

Boomers

5

4-7

2 2

4

3

6

8

9

13

15

10

50

Extremely important

Not at all important 8 to 10: 78%

1-3

Millennials

3 2 3

4-7 3

9

7

10

8

9

10

16

12

35

Not at all important

Extremely important 8 to 10: 64%

Savers 66%, Spenders 60%

Q350. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659; Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

51

Both Boomers and Millennials believe that 29 is the ideal age to become a homeowner, though Boomers are more likely to say there is no ideal age.

What do you think is the ideal age to become a homeowner?

%

Savers 47%, Spenders 37%

60

Boomers

Savers 46%, Spenders 56%

55

Millennials

50 39

40

43

20

0

0

3

1

Under 18

18 to 29 years old

30 to 39 years old

5

3

40 to 49 years old

50 or more

“There is no ideal age”: Boomers: 42%

Boomers Spenders

1

Millennials: 25%

Millennials Spenders

Boomers

Millennials

Average Age1

29

29

29

29

29

30

Median

30

30

30

30

30

30

Savers

Savers

Q360. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659; Millennial Spenders n=403) 1. Average age calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 52

On average, Millennials expect to start (or have started) saving for retirement at age 26, 5 years before Boomers actually did.

Average age

At what age has each life milestone happened or do you expect it to happen? Boomers

Millennials

21 22

Moving out of the home of your parent(s)/guardian(s)

30 29

Buying your first home 21 22

First 'real' job Started saving for retirement

26

31

27 28

Getting married/civil partnership

33 32

Paying off student loan 27 28

Having your first child Paying off all of your debt

37

Having enough money to retire, if you want to

55

56 0

20

40

60

61 80

Q380. Base: All who have experienced each milestone or expect it to happen, n varies between 511 and 1,005 Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

53

While 3 in 5 (58%) Millennials have bought their first home, 1 in 5 (17%) are not on track to buy a home when they want to. One in 6 (16%) Boomers are not on track to have enough money to retire when they want to.

For each of the milestones below that have not yet happened in your life, indicate if you are on track for it to happen when you want it to or not? %, data labels of 2% or less not shown

MILLENNIALS

BOOMERS

Has Happened Moving out of the home of your parent(s)/guardian(s)

First 'real' job

Buying your first home

3 7 4

First 'real' job

3 13 3

Started saving for retirement

87

45

13 6 5

Getting married/civil partnership

87

3 7

8

74

Getting married/civil partnership

15

61

Paying off student loan

46

Having your first child

16

53

Paying off all of your debt

41 36

11 3

19

27 27

Not Applicable

34

17

85

Started saving for retirement

Not Expected

Moving out of the home of your parent(s)/guardian(s)

17

58

Not on Track

6 5

87

Buying your first home

Having enough money to retire, if you want to

On Track

21

Paying off student loan 9

Having your first child

19

4 9

Paying off all of your debt

29

4

Having enough money to retire, if you want to

13

9

4

5

94

7

89

4

95

51

3

43

4

75 47 53

25 21

20

12 6 10 16

55

Q385. Base: All (Boomers n=1,038, Millennials n=1,062)

54

Retirement Plans

55

A quarter (26%) of non retired Boomers expect that they will never fully retire, along with 23% of Millennials.

Do you expect to ever fully retire?

%

Boomers Savers 56%, Spenders 48%

Millennials

Savers 22 %, Spenders 34 %

Savers 22%, Spenders 27%

20% 23% 26% 24% 53% 54%

I Expect To Fully Retire

I Don't Expect To Fully Retire

I Don't Know

Q400. Base: All who are not fully retired (Boomers n=689, Millennials n=1,061, Boomer Savers n=452, Boomer Spenders n=237, Millennial Savers n=658; Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 56

One in 5 (19%) non retired Boomers and 1 in 7 (15%) non retired Millennials don’t want to fully retire.

Do you want to ever fully retire?

%

Boomers

Millennials

14%

17%

19% 18%

68% 64%

I Want To Fully Retire

I Don't Want To Fully Retire

I Don't Know

Q400. Base: All who are not fully retired (Boomers n=689, Millennials n=1,061, Boomer Savers n=452, Boomer Spenders n=237, Millennial Savers n=658; Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 57

Boomers who expect to retire have a particular age of retirement in mind. Millennials who expect to retire are more likely than Boomers to continue working until they are no longer healthy enough to work (28% vs. 17%).

At what point do you expect to fully retire? %

60

Boomers

52

40

Millennials

36 28 16

20

8

7 0

When I have reached a particular age

When I have saved a particular amount of money

3 in 10 (27%) of these Boomers and one-third (36%) of these Millennials say they will retire at 65

Though ‘particular amounts’ were collected the sample size is too small to analyse the results

17

17

When I am no longer healthy enough to work

16

3

At some other point

I don't know

Q410. Base: All who expect to fully retire (Boomers n=369, Millennials n=564, Boomer Savers n=259, Boomer Spenders n=110, Millennial Savers n=371; Millennial Spenders n=193) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 58

Two-thirds (66%) of Boomers who expect to retire expect to do so at 65 or older. Six in 10 (57%) Millennials who expect to retire feel the same way.

Realistically, at what age do you think you will be able to fully retire?

%

Boomers

60

Savers 47%, Spenders 35 % 40

41

Millennials

Retire at 65+ Boomers: 66% Millennials: 57%

46 37

34

17

20

0

0

15 4

2

Under 50

50 to 64 years old

65 to 69 years old

70 to 74 years old

Boomers Spenders

5

75 or more

Millennials Spenders

Boomers

Millennials

Average Age1

65

63

65

66

63

64

Median

65

65

65

65

65

65

Savers

Savers

Q420. Base: All who expect to fully retire (Boomers n=369, Millennials n=564, Boomer savers n=259; Boomer spenders n=110, Millennial savers n=371; Millennial spenders n=193) 1. Average age calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 59

3 in 10 (32%) Millennials who expect to retire past the age of 65 say they won’t be able to afford to retire any earlier. One in 6 (16%) of Millennials who expect to retire after 65 say they have made a purposeful choice to spend more (and save less) while younger, knowing they will need to work for longer

•

Why are you working/do you expect to work past the age of 65? % Caution Low sample sizes

Boomers

Millennials 44

I enjoy/find value in my work, so I don't want to stop

39 34

I could live for a very long time past 65 and don't want to spend it all when I am retired

35 Savers 19%, Spenders 33%

24

I didn't/won't have enough savings to retire earlier

32

Savers 28%, Spenders 39%

19

I expect the government will change the rules regarding age of retirement

38 8

I made the choice to save less and spend more while younger, knowing I would need to work for longer

16 8

Something else

2 0

10

20

30

40

50

60

70

80

Q425. Base: All who expect to fully retire after age 65 and all who are working past 65 (Boomers n=293, Millennials n=319, Boomer Savers n=197, Boomer Spenders n=96, Millennial Savers n=197, Millennial Spenders n=122 (Caution: low sample sizes)) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed. 60

One in 10 (10%) Boomers retired temporarily and went back to work, mainly from boredom.

You said earlier that you are working. Have you retired temporarily and gone back to work part-time or full-time ? Working, but retired temporarily

Working, never retired

Retired

Not working, not retired

Caution: Low sample size Why did you retire temporarily?

8%

10%

I became bored in retirement

49

I was offered a very good job/a great job opportunity

30

I needed to earn more money to support my lifestyle

34%

25

I wanted to try a different job

48%

14

My savings/investments lost a lot of value, and I needed to build up my retirement savings again

10

Something else

15 0

20

40

60

80

Question asked to Boomers only

Q430. Base: All Boomers who are working (Boomers n=605) Q431. Base: All who retired temporarily (Boomers n=106 (Caution: Low sample size). Multiple responses allowed.

61

Six in 10 (60%) Millennials plan to have started saving for retirement before turning 30-something that only 4 in 10 (39%) Boomers achieved. One in 5 (19%) Boomers, including 1 in 4 (24%) Boomer Spenders, did not start saving for retirement until50 or over

•

At what age did you, or will you, start saving for retirement?

%

Boomers

80

I do not plan to save for retirement:

60

60

Boomers 10%, Millennials 9%

Savers 43%, Spenders 29% 39

40

28

Savers 16%, Spenders 24%

26

20

0

Millennials

Savers 64%, Spenders 54 %

19

13 1

7

6

1

Under 18

18 to 29 years old

30 to 39 years old

40 to 49 years old

Boomers Spenders

50 or more

Millennials Spenders

Boomers

Millennials

Average Age1

34

28

33

37

27

29

Median

30

26

30

35

25

28

Savers

Savers

Q455. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer savers n=706, Boomer spenders n=332, Millennial savers n=659, Millennial spenders n=403) 1. Average age calculation excludes lowest and highest 5% (i.e., excludes outliers). Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 62

A quarter (24%) of Millennials say that starting a reliable job was, or will be, the trigger to start saving for retirement.

Which of the following was, or will be, the trigger that started, or will start, you saving for retirement? % Boomers

Millennials 29 29

Starting a job where the employer makes contributions to your retirement savings/401(k) 15

Starting a reliable job 11

Paying off debt 8

Getting married and/or starting a family Reaching a certain age

2

Finding the right tool(s) to help me manage my money

3

Reaching a particular level of income

3

Finding someone to help me manage my money

2

Something else

9

6 6

13

Sample size too small to chart ages Sample size too small to chart incomes

4

3

5

2

None of the above

18

8 0

Savers 26%, Spenders 20%

24

5

10

15

20

25

30

35

40

Q460. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

63

Half (48%) of Boomers and 4 in 10 (41%) Millennials believe that they do not or will not need helping planning their retirement savings.

Do you need, or have you needed in the past, professional advice or guidance to help plan your retirement savings?

% 80

Boomers

Millennials

60 48 41 40

31 22

20

0

22

12

Yes, I need help

9

Yes, I have needed help in the past

No, I don't/won't need help

15

I don't know

Q465. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

64

Only half (55%) of Boomers who want to retire are very confident (80% or higher) that they will be able to retire when they want to. Boomer Savers are much more likely to be very confident in retiring when they want to (64% vs. 38% for Spenders)

•

How confident are you, as a percentage, that you will be able to retire at the age you want to?

%

Boomers

80

40

0

Savers 64%, Spenders 38%

Average: Boomers: 72% Millennials: 66%

60

20

Millennials

55 40

41

30 Savers 6%, Spenders 17% 10

8

Under 20% confident

6

11

Between 20% and 49% confident

Between 50% and 79% confident

80% or more confident

Q470. Base: All who are not fully retired and want to fully retire (Boomers n=442, Millennials n=717, Boomer Savers n=285, Boomer Spenders n=157, Millennial Savers n=457, Millennial Spenders n=260) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. 65

Six in 10 Boomers (59%) are worried about having health concerns during their retirement. A third of Millennials are concerned that retirement may be boring (35%) or an unproductive time of their lives (32%).

Which of the following, if any, are you concerned about regarding your retirement? % Boomers

Millennials 59

Having health problems that prevent me from doing what I want to do

40 45

Having health problems that eat into my retirement savings

41 43

Running out of retirement savings before my life ends

49 24

Getting bored/not having enough to do

35 20

Feeling unproductive/not useful

32 12 12

Nothing 2

Something else

1 0

10

20

30

40

50

60

70

80

Q475. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

66

Over half (53%) of Millennials are prepared to retire later than they would like to in order to make their retirement savings last longer. Only 3 in 10 (32%) Boomers feel the same way.

Which of the following would you be willing to do in retirement to help your retirement savings go further/last longer? % Boomers

Millennials

Savers 44%, Spenders 30%

40

Take less money per month from my retirement savings

42

34

Delay taking my social security payments

31

Savers 29%, Spenders 37%

32

Retire at a later age than I'd like to

53

28

None of the above

13 0

10

20

30

40

50

60

70

80

Q476. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

67

For Boomers, being healthy in retirement is most likely to make it a happy experience, followed by not needing to worry about how to meet living costs. A quarter (23%) of Millennials would be made happy in retirement if they could support other family members. Only 1 in 10 Boomers (10%) say the same

•

Which 3 of the following would make you the happiest in retirement? % Boomers

Millennials 84

Being healthy

57 68

Not needing to worry about how I will meet my living costs

51 56

Being able to travel regularly and/or being able to spend time pursuing my hobbies/interests

49 30

Being able to slow down and relax and/or spend time with family/friends

Savers 32%, Spenders 26%

40 27

Having enough money to afford things I want but don't necessarily need (e.g., gadgets, entertainment, treating myself, etc.)

29 10

Being able to support other family members financially

23 2

None of the above

4 0

10

20

30

40

50

60

70

80

90

100

Q480. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

68

Financial Security

69

Having sufficient savings for retirement is the most important aspect of feeling financially secure for Boomers. For Millennials, it is being able to pay bills on time and being able to cope financially with unemployment.

Which of the following do you consider to be the most important aspects of feeling ‘financially secure’? Boomers

%, in top 3 most important aspects Having sufficient savings for your whole retirement

65

27

Being able to pay my bills on time

38

Knowing you can support yourself/your family financially if you are temporarily unemployed

23 24

Being able to save money

Savers 69%, Spenders 59%

Savers 42%, Spenders 51%

45

Paying off a mortgage

Savers 35%, Spenders 28%

4 3

Knowing your parent(s)/guardian(s) are financially secure

Knowing your children are financially secure

23 28

Owning life insurance

18 0

20

11 11

Not having student debt

27 29

25 60

80

Savers 18%, Spenders 10%

Savers 14% ,Spenders 5%

18 15 7 8

3 5

Renting a home 40

Savers 20%, Spenders 27%

22

16 19

Having a financial plan

Owning a home

Being able to treat myself (electronics, vacations, entertainment)

15

Owning investments

38 33

Millennials

0

10

20

30

40

50

60

70

80

Q500. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

70

One in 7 (14%) Boomers and 1 in 10 (9%) Millennials do not feel financially secure and do not expect to ever feel financially secure. Savers feel more financially secure than Spenders: 6 in 10 (61%) Boomer Saversfeel secure and expect to stay that way, compared to 36% of Boomer Spenders. For Millennials, the equivalent figures are 36% and 18%

•

Do you feel financially secure now, and do you expect to feel financially secure in the future?

% 80

Boomers

Millennials Savers 61%, Spenders 36%

60

53

Savers 33%, Spenders 54%

Savers 36%, Spenders 18%

41

40

29

Savers 9%, Spenders 23% 20

0

14

15 9

I do not feel financially secure now, and I never expect to feel financially secure

I do not feel financially secure now, but I expect I will feel financially secure in the future

11

14

I feel financially secure now but do I feel financially secure now and not expect to feel financially expect to feel financially secure secure in the future throughout my life

7

7

I don't know

Q503. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

71

Financial security is very important to the happiness of 3 in 4 (76%) Boomers and 7 in 10 (68%) Millennials.

To what extent is financial security important to your happiness?

% 1-3

4-7

Boomers 111 2 4

5

10

8

9

25

22

10

30

Extremely important

Not at all important

Savers 81%, Spenders 67%

8 to 10: 76%

1-3

Millennials 111 2

4-7 6

7

13

8

9

23

18

Not at all important

10 27

Extremely important 8 to 10: 68%

Savers 71%, Spenders 64%

Q510. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

72

Financial Advice

73

Only 2 in 5 (39%) Boomers have had professional financial advice to assist with planning for retirement, as have 1 in 5 (21%) Millennials.

In which of the following situations did you have professional advice? % Boomers Planning for retirement

Millennials 39

21

Preparing a financial plan

30

17

Planning your estate/what inheritance you will leave behind

23

9 16

Buying a home Receiving a lump sum of money/inheritance

8

Buying a car/motor vehicle

8

14 16

6

Starting a new job

15

3

Starting a family

22

10

40

None of the above

44 0

10

20

30

40

50

60

70

80

90

100

Q600a. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

74

Millennials would look for professional financial advice in a wide range of situations, including buying a home (39%) and planning for retirement (38%).

In which of the following situations would you look for professional advice? % Boomers

Millennials 30

Receiving a lump sum of money/inheritance

34 29

Planning your estate/what inheritance you will leave behind

37

20

Planning for retirement

38

18

Preparing a financial plan

31

9

Buying a home

39

6

Buying a car/motor vehicle

17

5

Starting a new job

14

5

Starting a family

16

None of the above

40

23 0

10

20

30

40

50

60

70

80

90

100

Q600b. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

75

In major financial situations that offer advice, approximately 3 in 10 Millennials and 1 in 4 Boomers would prefer to use an online advice platform alongside human contact.

When looking for advice in each of the following situations, would you prefer to use an online advice platform, human advisor, or both?

%

Online Advice Platform

Human Contact

Both Online Platform and Human Contact

100 80 60

23

47

40 20 0

23

22

32

28

34

44

57

49

64

16

17

13

14

14

16

Boomer

Millennial

Boomer

Millennial

Boomer

Millennial

30

24

Boomer

Millennial

LARGE PURCHASE

RETIREMENT

33

53

ESTATE PLANNING

33

25

38

44

64

34

51

LUMP SUM/ INHERITANCE

31

28

Boomer

Millennial

EDUCATION

Q620. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

76

Four in 10 (40%) of Millennials would feel confident using an automated online investment service that offers human contact when needed.

Which of the following would make you feel more confident in making investments?

% 80

Boomers

Millennials

60 45

41

40

18

20 4 0

40 33

9

9

An automated online service that would pick the best investments for me, monitor the performance of those investments, and adjust my investments

A human who would help guide my investment decisions

Both–an automated online service that would pick, monitor, and adjust my investments but also a human who I could contact

Neither of the above

Q625. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence.

77

Four in 10 Boomers (43%) currently access professional financial advice, compared to only 1 in 4 (25%) Millennials, who are more likely to get financial advice from their parents (38%).

%

In which ways, if any, do you currently access financial advice? Boomers

Millennials

From a professional financial advisor

43

25 36 36

Discussions with my spouse/partner From online, newspaper, and magazine financial advice articles

22

Savers 27%, Spenders 19%

25

15

Discussions with friends 8

Using an automated online financial advice platform

28

13

5

Discussions with my parent(s)/guardian(s)

38

2 1

In another way I don't currently access financial advice

23 0

10

20

26 30

40

50

60

70

80

90

100

Q630. Base: All (Boomers n=1,038, Millennials n=1,062, Boomer Savers n=706, Boomer Spenders n=332, Millennial Savers n=659, Millennial Spenders n=403) Arrows indicate significantly higher/lower than comparative group noted at 95% confidence. Multiple responses allowed.

78

Appendix

79

Survey sample characteristics.

%

Boomer

Millennial

Region

Gender 28

25 15

48

21

19

18

15

15

6

5

New England

Mid-Atlantic

South

Midwest

Education 34 19

52

53

22

11

Southwest

West

Male

Female

Marital Status

38 27

21

47

70

30 50

19

47

9 1 High school or less

Technical degree

Undergraduate college Graduate/Professional Prefer not to answer degree degree

Household Income 34

24

19

15

10 Single, never married

3 Married/ Common law

Separated/ Divorced

5

0

Widowed

34 22

17

16

22 6

Less than $50k

2

$50k-$74.9k

$75k -$99.9k

$100k +

6

Don't know/Prefer not to answer

Base: All (Boomers n=1,038, Millennials n=1,062)

80