LOS ANGELES, June 13, 2016 — The generation often critiqued for reckless spending and impulsive behavior has just declared the value of financial responsibility, according to the latest GOBankingRates survey. When it comes to millennials and their money, phrases like “FOMO” and “YOLO” aren’t dictating money-management habits.
Over 500 millennials aged 18 to 34 were asked a series of questions about how certain financial and social factors influence their spending decisions.
To see the full survey findings, with insights into gender and age, visit: http://www.gobankingrates.com/personal-finance/millennials-afraid-financial-strain-fomo-survey-finds/
Millennials Value Financial Comfort and Security Over FOMO
- Three in five (57.1%) of millennials say that if attending a social event would result in financial strain on their family or significant other, it would not be worth it.
- 54.3% of millennials believe being financially strained is worse than missing out on something they can’t afford.
- Almost half (45.7%) of millennials say a social event that costs more than $50 is not worth it if attending puts them in financial strain.
- Nearly 1/3 of millennials choose to use credit cards to avoid over drafting as a result of attending a social event.
However, the YOLO Mentality is Still Present
- More than 1/3 of millennials comfortable experiencing financial strain in order to attend a social event say they’re confident they’ll make more money in the future.
- Even when money is tight, more than half (55.5%) of millennials still spend money on food and drinks.
“It can be difficult for people of any age to resist the urge to try to keep up with others and their spending habits,” said Cameron Huddleston, Life + Money columnist for GOBankingRates. “So it’s encouraging to see that a majority of young adults are prioritizing their finances over their social lives.”
“But that doesn’t always mean they’re making the right choices,” Huddleston added. “Our survey did find that millennials are relying on credit, borrowing from friends and even neglecting bills at times to pay for a social event when they don’t have the available funds.”
Methodology: This survey was commissioned by GOBankingRates and conducted by independent research firm, Survata. 501 adults aged 18-34 were surveyed between May 5, 2016 and May 7, 2016.
GOBankingRates.com is a news and features personal finance and consumer banking website, offering visitors the latest on everything from tips for saving money, investing for retirement, finding a good interest rate and getting a loan. Its content is regularly featured on top-tier media outlets, including MSN, MONEY, AOL Finance, Business Insider, and dozens of other top-tier media outlets. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs and financial situation.
Katie Johnston, Media Relations