young millennials and money survey · 2019-01-29 · young millennials who are at college, or have...

Attitudes toward money, education and working life

Young Money Survey

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TABLE OF CONTENTS

COLLEGE LIFE

FAMILY LIFE…………………………..

WORKING LIFE……………

APPENDIX…………………………………

3

12

16

24

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College Life

Young millennials who are at college, or have been, hold $10,205 in student debt, on average, and expect to have paid it off by age 35

Q430. Base: All Young Millennials At College and Post-College n=762; At College n=282; Post-College n=480; South n=182; Midwest n=135; Southwest n=107

Q431. Base: All Young Millennials with more than zero student loan debt n=449

How much student debt do you have? By what age do you

expect to have paid off your student debt?

• Young millennials are defined as ages 20 to 26 • Young millennials at college have slightly higher debt, on average, than those who have left ($11,475 vs. $9,640) • One in 7 (14%) young millennials with student debt expect they will be 50 or older when their debt is fully paid off

42

9 16

11 15

6

0

10

20

30

40

50

$0 $1 to $1,000 $1,000 to $9,999 $10,000 to $19,999 $20,000 to $49,999 $50,000 or over

Average: $10,205

32 40

14 14

0

10

20

30

40

50

20-29 30-39 40-49 50+

Average: 35

At College: $11,475 Post-College: $9,460

South: $8,120 Midwest: $13,425 Southwest: $6,915

At College: 38 Post-College: 34

%. Averages rounded to nearest $5

Young Millennials

Young millennials’ college education is funded through financial aid, scholarships/grants/bursaries and student loans

Q420. Base: All Young Millennials At College and Post-College n=762; At College n=282; Post-College n=480; Reside in top 10 city n=243; Reside elsewhere n=519; Suburban n=274;

Midwest n=137; Mid-Atlantic n=131. Multiple responses allowed

How are/did you/your parents/guardians pay for your college, at

least partially?

42

40

40

30

30

24

12

9

7

6

0 20 40 60 80

With financial aid

With scholarship/grants/bursaries

With student loans

Working a part-time job while attending college (e.g. waiter/waitress, cashier,delivery driver, etc.)

From the savings of your parents/guardians

From your savings

Work study

From a 529 plan owned by your parents/guardians or another tax-deferredcollege savings plan

From a 529 plan owned by your grandparents or another tax-deferred collegesavings plan

I don't know

• Four in 10 (42%) young millennials who are at college, or have been, paid for their college education with financial aid • Half (52%) of those who are currently at college are paying for their education through financial aid, while for post-college

millennials, over a third (36%) used financial aid

At College: 48% Post-College: 36%


Reside in top 10 city: 33% Reside elsewhere: 46%

Midwest: 50%

Midwest: 50%

Suburban: 47%

Suburban: 34%

Mid-Atlantic: 49%


%

Young Millennials

Almost 6 in 10 (57%) young millennials who are at college or have been agree that the cost of their education is a good investment in their future

Q410. Base: All Young Millennials At College and Post-College n=762; At College n=282; Post-College n=480; Reside in top 10 City n=243; Reside elsewhere n=519; Suburban n=274

Which of the following describe how you view the cost of your

college/trade school education?

57

26

23

17

5

0 20 40 60 80

The cost of my college/trade school education is a good investment in myfuture

Choosing an expensive college/trade school with a good reputation isn'tworth the extra money

The education I receive will never be worth the amount of student debt Ihave/will have

Even if college/trade school cost twice as much as it does, I would still go tocollege/trade school

None of the above

• About one-quarter (26%) of college/post-college young millennials feel that choosing an expensive college/trade school with a good reputation is not worth the extra money



Suburban: 61%

%

Young Millennials

Four in 10 (39%) young millennials have delayed purchasing a home due to student debt

Q435. Base: All Young Millennials with more than zero student loan debt n=449; Post-College n=280; At College n=169

Multiple responses allowed

Has your student debt caused you to delay any of the

following?

39

31

27

25

21

26

0 20 40 60 80

Buying a home

Saving for retirement

Moving out of your parents' home

Having children

Getting married/civil ceremony

None of the above

• Three in 10 (31%) young Millennials have delayed saving for retirement, moving out of their parents house (27%) and a quarter (25%) have delayed having children due to student debt


%

Young Millennials

“Work to earn some money while you are at college” is the #1 piece of advice post-college young millennials would give to their 18 year-old selves

Q810. Base: All post-college Young Millennials n=480; Suburban n=157; Reside in top 10 city n=174

What one piece of advice would you give to your 18-year-old self regarding college?

17

14

13

10

8

8

8

8

4

2

8

0 5 10 15 20 25 30

Work to earn some money while you are at college

Work as hard as you can at college. You can enjoy yourself later

Pick the right program of study to secure employment

Get to know yourself before starting college

Try and get an internship while at college

Pay off your credit cards in full every month

Only take the bare minimum of student loans

Don't work too hard at college. Remember to enjoy yourself

Take your time before starting college

Don't go to college

None of the above

• Top advice to their 18 year-old selves regarding college included working as hard as you can at college (enjoy yourself later), closely followed by picking the right program of study to secure employment

Suburban: 24%

Suburban: 17%

Reside in top 10 city: 11%

%

Study harder and spend less money while in college are the top 2 changes post-college young millennials would carry out if they could do it all again

Q440. Base: All post-college Young Millennials n=480

Multiple responses allowed

If you could do it all again regarding college, which of the

following changes would you make?

26

24

22

19

19

19

18

16

15

15

6

6

6

10

0 5 10 15 20 25 30

Study harder

Spend less money/get into less debt

Choose a different major – that is in a higher-paying field

Work while studying

Study abroad

Choose a different major – that is more interesting/ could make a difference

Try to find time to have more fun

Choose a different major – that is in a high-demand field

Choose a different college

Get an internship while at college

Not go to college

Go to trade school

Not work while studying

None of the above

• About a quarter of young millennials who have been to college say that if they could do it all again they would study harder (26%) and spend less money/get into less debt (24%)

• Two in 10 (22%) would choose a different major for one that is in a higher-paying field

%

Young Millennials

Three in 10 (30%) post-college young millennials regret buying new books instead of used ones and (29%) regret not choosing the right program of study – the latter is

their #1 single regret

Q800a/b. Base: All post-college Young Millennials n=480; Reside in top 10 city n=174; Reside elsewhere n=306; Urban n=273; South n=110

.

What are your biggest financial regrets from your college years?

What is your #1 financial regret from your college years?

30

29

26

23

22

21

19

16

15

5

29

0 20 40 60 80 100

Buying new books instead of used

Not choosing the right program of study

Taking out too much money in student loans

Not using my student loan wisely

Not seeking out a program with an internship

Not working during the school year

Spending the additional funds needed to go to a well-known/well-regarded school

Attending a 4-year college instead of 2-year or 3-year college

Spending money to be part of a fraternity/sorority

Something else

I have no financial regrets from my college years

• About a quarter (26%) of post-college young millennials regret taking too much money in student loans and over 2 in 10 (23%) regret not using their student loan wisely

• Three in 10 (29%) have no financial regrets from their college years

#1 Regret

11%

13%

10%

7%

7%

6%

5%

5%

4%

4%

29%

%

Young Millennials


South: 35%

Urban: 26%

South: 25%

South: 20%

South: 23%

Almost 6 in 10 (57%) young millennials who are at college or have been agree that the cost of their education is a good investment in their future

Q410. Base: All Young Millennials At College and Post-College n=762; At College n=282; Post-College n=480; Reside in top 10 City n=243; Reside elsewhere n=519; Suburban n=274

Which of the following describe how you view the cost of your

college/trade school education?

57

26

23

17

5

0 20 40 60 80

The cost of my college/trade school education is a good investment in myfuture

Choosing an expensive college/trade school with a good reputation isn'tworth the extra money

The education I receive will never be worth the amount of student debt Ihave/will have

Even if college/trade school cost twice as much as it does, I would still go tocollege/trade school

None of the above

• About one-quarter (26%) of college/post-college young millennials feel that choosing an expensive college/trade school with a good reputation is not worth the extra money



Suburban: 61%

%

Young Millennials

Family life

Almost half (47%) of young millennials did not or do not expect to move back with parents after college, and 2 in 3 (65%) teens say the same

Q600. Base: All college and post-college Millennials n=401; All college Teens and pre-college Teens who expect to go to college n=251; Post-College Millennials n=480; College

Millennials n=282; Reside in top 10 city: Millennials n=243; Mid-Atlantic Millenials n=131; Southwest Millennials n=108; Mid-Atlantic Teens n=121; West Teens n=161

Arrows indicate a significant difference between Young Millennials and Teens at 95% confidence

After the completion of college/trade school, do you expect to, or did you, move back into

the home of your parents/guardians?

• Almost 4 in 10 (37%) young millennials moved, or plan to move, back into their parents’ home after college • Almost half (48%) of post-college young millennials moved back in with parents after college • Over a third (35%) of Teens expect to move back into their parents’ home after college

37

15

47

35

65

0

10

20

30

40

50

60

70

80

90

100

Yes, I moved back to my parents home after college Yes, I expect to move back into my parents home aftercollege

No, I did not/do not expect to move back into my parentshome after college

Young Millennials Teens

Post-College : 48%

At College : 26% Post-College : 9%



Mid-Atlantic: 49%

Southwest: 56%

Mid-Atlantic: 34%

Mid-Atlantic: 55%

West: 73%

Mid-Atlantic: 45%

%

On average young millennials became or expect to become financially independent at 23 years old

• Teens expects to become financially independent one year younger, at age 22 • Over 1 in 7 (16%) teens never expect to become financially independent

At what age did you become, or expect to become, completely

financially independent from your parents/guardians?

Q610. Base: All Young Millennials n=1,001; All Teens n=1,000; Young Millennials: At College n=282; Post-College n=480; No College n=239; Teens: Pre-College n=711; At College

n=138; No College n=151; Reside in top 10 city: Young Millennials n=293; Teens n=247; Reside elsewhere: Young Millennials n=708; Teens n=753


I became/expect to become financially independent at age ….

24

44

21

3

8

38

33

10

2

16

0

5

10

15

20

25

30

35

40

45

50

20 or younger 21 to 25 26 to 30 Over 30 Never


Average age: 23 Average age: 22

Pre-College: 18% At College: 9%

No College: 10%

Pre-College: 32% At College: 41% No College: 64%

At College: 17% Post-College: 22% No College: 37%



%

Young millennials would be embarrassed to still be living with their parents at age 28

• Meanwhile teens feels that the maximum acceptable age to be living with their parents is 26 years old

At what age would you consider it embarrassing to still be living with your parents?

Q620. Base: All Young Millennials n=1,001; All Teens n=1,000

It would be embarrassing to still be living with my parents at age ….

5

23

34

27

11 13

30

27

21

9

0

5

10

15

20

25

30

35

40

Below 20 20 to 24 25 to 29 30 to 34 35 or older


Average: 28 Average: 26

%

Working life

17

Young millennials are most likely to be interested in a career in medicine,

whereas teens are most likely to be interested in the arts

Q510. Base: All Young Millennials n=1,001; All Gen Z n=1,000; Young Millennials: College n=282; Post-College n=480 No College n=239

Arrows indicate a significant difference between Young Millennials and Gen Z at 95% confidence

Among the following, which field of work are you the most interested in?

16

9

12

6

9

16

17

13

10

7

0 10 20 30 40

Medical

The arts

Technology

Engineering

Business

• Teens are almost twice as likely (17%) as young millennials (9%) to be interested in working in the arts • Young millennials are more interested than teens in business (9% vs. 7%) and banking/finance/accountancy (6% vs 2%)

6

5

6

5

6

6

6

4

5

2

0 10 20 30 40

Science and research

Law

Teaching

The media

Banking/finance/accountancy

At College: 10% Post-College: 6% No College: 3%

Young Millennials Gen Z%. Top 10, one answer only

Almost 3 in 10 young millennials (29%) and teens (27%) prefer to work in a corporate/business environment

Q520.Base: All Young Millennials n=1,001; All Teens n=1,000; College Millennials n=282; Post-College Millennials n=480; No College Millennials n=239; Midwest Millennials n=182; No

College Teens n=151; Pre-College Teens n=711; Suburban Teens n=320; Urban Teens n=421


In which of the following ways would you prefer to work?

29 26

12 8

13 12

27 24

11 8 9

21

0

10

20

30

40

50

60

70

80

90

100

In a corporate/businessenvironment

Running your own business Independent/freelance or'Gig economy' work (i.e.short-term, paid-per-job)

In a start-up In another way I don't know


• About one-quarter of young millennials (26%) and teens (24%) prefer to be running their own business • Only 1 in 10 young millennials (12%) and teens (11%) have a preference for independent or gig economy work – though almost

2 in 10 (18%) No College Teens are interested in such work

No College: 34% No College: 18%

Pre-College: 9% No College: 18%

No College: 19% Post-College: 33%

No College: 33% Post-College: 20%

Midwest: 39% Midwest: 20%

Suburban: 32% Suburban: 19%

%

Young millennials expect to work for 3 years, on average, before being promoted and teens expect to work for 4 years. Both young millennials and teens expect to switch

employers every 6 years

Q530. Base: All Young Millennials n=1,001; All Teens n=1,000


How long would you expect to be in a job before you got promoted? And how long before you move

to a different employer?

• Teens who are at college expect to stay with an employer for 8 years

8

22

28

20 16

6 7

19

27

20 19

8

0

5

10

15

20

25

30

Less than 1 year 1 year or more, less than 2 2 years or more, less than 3 3 years or more, less than 5 5 years or more, less than 10 10 years or more

9 5

14 17

35

20

9 7 11

19

33

22

0

10

20

30

40

Less than 1 year 1 year or more, less than 2 2 years or more, less than 3 3 years or more, less than 5 5 years or more, less than 10 10 years or more

Average (years): 3 Average (years): 4

Average (years): 6 Average (years): 6

Time before getting promoted

Time before changing employer

At College: 33

Young Millennials Teens%

At College: 8

How much money were you/do you expect you will be earning per year,

before taxes, at each of the time periods below?

Average, excluding outliers, rounded to nearest $5

Young Millennials and teens both expect to earn over $40,000 per year at age 30 and over $65,000 at age 40

• Young millennials who are at college or have been to college expect higher annual wages at age 30 (both groups expect $45,000+) than those who have not been to college (who expect $26,230)

• Young millennials who reside in one of the top 10 largest cities in the US expect much greater annual wages at age 40 ($84,260) than those who live elsewhere ($62,690)

Q130. All: Young Millennials n=1,001, Teens n=1,000; Young Millennials: At College n=282; Post-College n=480; No College n=239; Teens: Pre-College n=711; At College n=138; No

College n=151; Reside in top 10 city: Young Millennials n=293; Teens n=247; Reside elsewhere: Young Millennials n=708; Teens n=753. All who are still in school/did not leave

education after high school: Young Millennials n=761; Teens n=883

$9,225

$26,575

$44,090

$69,230

$8,435

$24,930

$47,335

$76,910

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

In your first job after high school In your first job after college/trade school At age 30 At age 40


No College : $26,320 At College: $52,770

Post-College: $47,835

No College : $55,765 At College: $71,895

Post-College: $74,385

Reside in top 10 city: $84,260 Reside elsewhere: $62,960

Suburban: $55,890

Base: All who are still in school/did not leave

education after high school

More than 7 in 10 (76%) post-college working millennials use their degree on a regular basis

Q460. Base: All post-college Millennials who are working n=432; Urban n=246

To what extent are you using your degree in your current

role/position?

• Over a third (35%) say they use their degree constantly, 2 in 10 (20%) use it frequently/several times a week and another 2 in 10 (21%) use it several times a month

35

20

21

13

11 Constantly/every day

Frequently/severaltimes a week

Sometimes/severaltimes a month

Rarely/several timesa year

Never

Use degree on a regular basis: 76%

Urban: 24%

%

Young Millennials

Eight in 10 (80%) post-college working millennials deem their degree important in getting their current job

Q470. Base: All post-college Millennials who are working n=432; Reside in top 10 city n=162; Reside elsewhere n=270

How important was your degree in getting your current job?

• Three in 10 (28%) say their degree was essential, 3 in 10 (29%) say it was very important in getting their current job and 2 in 10 (22%) say it was somewhat important

28

29

22

8

10 2 Essential

Very important

Somewhat important

Not very important

Completelyunimportant

I don't know

80%

Reside in top 10 City: 35% Reside elsewhere: 26%

%

Young Millennials

Young millennials and teens want similar things out of life

Q830. Base: All Young Millennials n=1,001; All Teens n=1,000; At College Young Millennials n=282; Post-college Young Millennials n=480; South Young Millennials n=245; Pre-College

Teens n=711; At College Teens n=138; Rural Teens n=126; Southwest Teens n=107; West Teens n=211


65

70

35

30

• Young millennials and teens prefer owning a home (respectively, 65%, 70%) over travelling (35%, 30%), they prefer flexible work hours (87%, 89%) to telecommuting (13%, 11%) and believe that contributing to a retirement account (65%, 53%) is more important than donating to charity (35%, 47%) – though the difference is not as pronounced for teens

• Both groups marginally prefer having a high paid job (55%) over having a job that makes a difference (45%)

What is, or would be more important to you?

Having money to travel

Owning a home


87

89

13

11

Having flexible work hours

Telecommuting

55

55

45

45

Having a high paid job

Having a job that makes a difference

35

47

65

53

Donating to charity

Contributing to your retirement account

At College: 57% At College: 43%

Southwest: 79% Southwest: 21% At College: 59% At College: 41%

Post-College: 59% Post-College: 41%

Pre-College: 92% Pre-College: 8%

West: 93% West: 7%

South: 42% South: 58%

Rural: 38% Rural: 62%

%

Appendix

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=2,001 American adults within the target group is +/- 2.19 %.2 This means that in 19 out of 20 cases, survey results will differ by

no more than 2.19 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.

1 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. 2 Assumes survey participants are the same as non participants.

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

New England

6%

Mid-Atlantic

17%

South

26%

Southwest

12%

West

21%

2,001 Young

Americans (half Young

Millennials, age 20-26

and half Teens, age

13-19)

Online

Survey

March 17 to 22,

2017

Average time to

complete survey:

15 minutes

Head Solutions Group

on behalf of TD

Ameritrade Holding

Corporation1

48%

Male

52%

Female

Midwest

18%

WHEN WHAT WHO

CONDUCTED BY

Research Method

Throughout this report, arrows indicate a significant difference

between Young Millennials and Teens.

Green callouts show significant differences within Young

Millennials and yellow callouts show significant differences within

Teens. The categories studied for significant differences are

defined on the next slide.

young millennials and money survey · 2019-01-29 · young millennials who are at college, or have...

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