Why Millennials Have a Surprisingly Rosy Outlook on Money

Cheryl Lock
Posted

millennial moneyTons of student loans? Check. Volatile job market? Check.

Confidence about financial security? Double check.

Although these might not seem to go hand-in-hand, a new Bankrate.com survey of 1,000 adults found that Millennials feel more financially secure than Generation Xers or Boomers … despite the fact that the Great Recession negatively affected them the most.

Per the survey—which inquired about people’s attitudes and levels of optimism about their careers and financial situations—30% of Millennials (people aged 18 to 29) feel more secure about their current job than they did a year ago. That’s in contrast to the 22% who said the same in the 30 to 49 age bracket, and 20% for those between 50 and 64. Additionally, only 9% of Millennials reported feeling that their job was less secure, compared to 20% of those 30 to 64.

As for their overall financial health? More than a third of Millennials said it’s improved over the past year.

Though just how much progress they’ve made with their money is up for debate. As Greg McBride, chief financial analyst at Bankrate.com, told MarketWatch, “If you started with $1,000 in the bank a year ago, and you managed to add $500, then, yes, you’re better off, but only on a smaller scale.”

Whether the positive Millennial mindset will help them through the duration of their money-saving years stands to be determined, but one thing is fairly certain already: Optimistic outlooks don’t necessarily translate into action. An overwhelming 70% of Millennials have yet to start saving for retirement at all.

If you’re having trouble with this all-important money to-do yourself, try one of these tricks to retrain your brain to save more for your golden years.