On average, millenials are saving more than other adults, but they aren’t as confident as others on the subject of homebuying.
These are among the results of the 10th annual Consumer Financial Literacy Survey recently sponsored by BECU and the National Foundation for Credit Counseling.
Among the results:
▪ 71 percent of Americans say they have financial worries.
▪ 51 percent say they will be spending the same this year as last year.
▪ 26 percent say they are saving more.
▪ 35 percent of U.S. households carry credit card debt month-to-month.
▪ 70 percent of adults say they “are knowledgeable about the homebuying process.”
▪ 36 percent of millenials (ages 18-34) see renting as a better value that buying; this compares with 17 percent of adults 35 and older.
▪ 41 percent say they do not feel confident they would be able to repay a $30,000 college loan.
▪ 19 percent say they “struggle to pay for food and utilities because of student loan debt.”
▪ 26 percent do not save any portion of their annual income for retirement.
Data concerning Seattle millenials also were collected. Among those results:
▪ Only 37 percent of Seattle millenials say they are very or somewhat knowledgeable about the homebuying process, compared with 50 percent of millenials nationally.
▪ More Seattle millenials say it’s more affordable to rent than buy a home (47 percent vs. 36 percent of millenials nationally).
▪ Seattle millenials are more likely than millenials nationally (56 percent vs. 40 percent) to say they know what they’re spending even though they don’t keep strict track of their expenses.
▪ Seattle millenials are more likely than their elder counterparts to be saving more than they were one year ago (36 percent vs. 23 percent).
C.R. Roberts: 253-597-8535