While Most Millennials Expect to be Millionaires, Some Anticipate Never Achieving Financial Security
May 6, 2019
Those born between 1981 and 1996 have lofty financial goals. A new survey from TD Ameritrade found that 53 percent of millennials think they will be millionaires at some point in their lives. The survey asked more than 1,500 people aged 21 to 37 about their financial goals. In addition to amassing more than a million dollars, millennials also expect to retire young. The average age they expect to retire was 56.
Despite their lofty goals, they may not have realistic expectations of how to get there. The average respondent said they do not plan to even begin saving for retirement until they are 36. Moreover, a large contingent of millennials expects that they will likely never complete certain financial milestones. 27 percent don’t think they will ever start saving for retirement, 20 percent think they will never pay off their student loans, and 28 percent don’t see themselves being able to retire. 19 percent think they will never be completely financially independent from their parents.