Nearly Half of Millennials Say They’ll Never Have Enough Funds To Get What They Want In Life According to Recent Survey

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Ah, the American Dream. A house in the suburbs, perhaps with a white picket fence around it. Children playing in the yard, and a happily married couple smiling at their good fortune.

While the ideal life for everyone may not look like the American Dream described above, many millennials don’t think they’ll ever have enough funds to afford the life of their dreams.

According to a recent survey from The State of Consumer Banking & Payments, 45% of millennials say they can’t afford the things they want in life.

It’s not that millennials aren’t capable of managing their finances. Instead, they have had the deck stacked against them. Since embarking on professional life, they have lived through two recessions. Many of them also have student loans, and it’s hard to pay those off when they’re also dealing with a high cost of living.

According to the survey, 45% of millennials think they’ll never be able to afford the things they want. Meanwhile, only 35% of the overall population felt that way.

In response to the survey question, “I am concerned that the money I have or will save won’t last,” 52% of millennials said this was very true or completely true compared to the overall population where only 46% felt that way. In addition, 46% of millennials agree that finances control their lives compared to 33% of all adults in the United States.

The survey also found that 67% of millennials report that they are behind on their finances at least some of the time compared to 49% of all U.S. adults who also felt that way.

The average financial well-being score for all U.S. adults is 50.81. For millennials, it’s lower at 47.05. Millennials who are women, who live in rural areas or who have an income under $50,000 had an even lower financial well-being score. Meanwhile, millennials who are high earners beat the average for U.S. adults with a score of 54.19. That’s close to the score of baby boomers who are doing the best financially of any generation right now.

One reason millennials feel under financial pressure is because they are in a life-stage where they are balancing a lot of financial goals. They are still paying off college loans while saving for their own children to go to college. As stated in the report, “They’re old enough to have financial goals but young enough that they’ve yet to achieve them.”

According to the report, 67% of millennials have a goal of starting a business, while only 40% of all U.S. adults have that same goal. Meanwhile, 82% of millennials say they are saving for a large purchase like a wedding or a vacation compared to 65% of all U.S. adults who say the same. Millennials are also much more likely to say they want to buy a home, save for education expenses and help support other family members.

Things might be starting to look up for millennials. Those born in the 1980s have reached or exceeded pre-pandemic employment, and they’re starting to accumulate wealth. However, they are also facing inflation for the very first time. It makes sense that they’re worried about money.

Are you worried about money? Are you a millennial? Does it surprise you that more millennials are worried about money than the U.S. average?