Millennials are the Most Overconfident, Financially Irresponsible Generation, Study Finds


The latest numbers for Northwestern Mutual’s 2015 Planning and Progress Study are in, and they reveal that millennials are still the most optimistic group when it comes to their financial situations but that they also see themselves as the most financially irresponsible generation.

The study surveyed 2,000 Americans in January to gauge how the population felt about their finances this year. Here are the statistics for American millennials:

-Mostly savers: 64% of millennials would rather save money than spend it — 67% of the general population consider themselves savers.

-Over half (53%) of millennials have set financial goals compared to 38% of Americans age 35 and older.

-The majority (71%) of millennials feel secure or very secure that they will achieve their financial goals.

-Yet, 61% of millennials believe they are less financially responsible than their parent or grandparents.

-Working past retirement: 73% of millennials expect to work past the age of 65 because they don’t trust that social security will take care of them.

-Less than half (46%) of millennials who expect to work past retirement age say it would be by choice, choosing their career over leisure.

-Most confident: 59% of millennials expect their financial situation to improve this year compared to the 41% of the general population who expect their situation to improve.

-Almost half of millennials have taken the first step towards financial successful planning (i.e., spoken to a partner, family or advisor about retirement) — 43% of Americans have taken no steps on financial planning.

Northwestern Mutual’s study also revealed some other interesting financial insights about Americans:

-Financial crisis: 67% percent of Americans expect another financial crisis similar to the 2008 crash.

-Few crisis planners: 38% are confident their financial planning can withstand a market crash and 23% are not confident.

The two greatest financial fears include having an unplanned financial emergency or not having enough to retire comfortably.



Millennials seem to be on the right path given the current financial circumstances. Saving can do wonders for younger people who take advantage of compound interest. The best trend to take over is financial planning, especially when the majority of Americans are expecting another economic crisis. With most planning for the future, millennial overconfidence could just be hoping for the best but planning for the worst.

h/t: Business Insider
Related Posts

Support our Journalism with a Contribution

Many people might not know this, but despite our large and loyal following which we are immensely grateful for, NextShark is still a small bootstrapped startup that runs on no outside funding or loans.

Everything you see today is built on the backs of warriors who have sacrificed opportunities to help give Asians all over the world a bigger voice.

However, we still face many trials and tribulations in our industry, from figuring out the most sustainable business model for independent media companies to facing the current COVID-19 pandemic decimating advertising revenues across the board.

We hope you consider making a contribution so we can continue to provide you with quality content that informs, educates and inspires the Asian community. Even a $1 contribution goes a long way. Thank you for everyone’s support. We love you all and can’t appreciate you guys enough.

NextShark is a leading source covering Asian American News and Asian News including business, culture, entertainment, politics, tech and lifestyle.

For advertising and inquiries: