Credit Karma, a free credit and financial management platform, today released the Credit Karma Millennial Report that challenges many of the generalizations about millennial spending and saving habits. The report unequivocally showed young people are interested in “adulting” in pretty traditional ways. While millennials carry more student debt than any generation before, they are still interested in the traditional life milestones associated with growing up, such as getting married, purchasing a home and planning for a family. Credit Karma surveyed over 1,000 people between the ages of 18 and 34 on their plans for everything from marriage and money to cars and kids. Overall, the results shatter many of the negative stereotypes that have been perpetuated in anecdotes about young people putting off the responsibilities of adulthood in favor of short term relationships and jobs, living for the moment and putting off retirement planning. Several key fact findings from the report are highlighted below:
- Four out of five unmarried millennials say they want to get married and the majority who do get married are doing so in their 20s. The biggest chunk of married millennials (43%) tied the knot between the ages of 22 and 26.
- Overwhelming numbers of millennials all over the country say they want to get married. 85% of unmarried urban millennials hope to get married. Similarly, 82% of suburban and 83% of rural millennials hope to tie the knot one day.
- Millennials aspire to own homes, but are hindered by affordability. A large majority of millennials (nearly 88%) who do not own a home today hope to purchase a home in the future. Two out of five non-homeowners say that the high price of homes and fear of not qualifying are holding them back. Despite preconceived notions that this age group is returning to the nest, in fact, more than half (58%) who were homeowners purchased their home by age 26.
“The Credit Karma Millennial Report proves that in spite of student loan debt, the group of 18 to 34 year olds are much wiser with their finances than we often give them credit,” said Bethy Hardeman, chief consumer advocate at Credit Karma. “Survey findings from Los Angeles, California to Blue Ridge, Georgia and Cambridge, Massachusetts, prove millennials are following in the footsteps of generations before them: saving for the future is top-of-mind, loyalty with employers who offer fair pay is a priority and starting a family is important to them.” Millennials across the country have been an active segment of the more than 60 million Credit Karma members who use Credit Karma tools to monitor their credit, find better credit and loan offers and make data-based financial decisions.For complete survey findings, visit: Everything You Thought You Knew About Millennials May Be Wrong.
Credit Karma 2016 Election Survey Methodology
Credit Karma, in partnership with Qualtrics, surveyed 1,016 18-34 year-olds between May 25 and June 3, 2016 to ask their opinions on 33 questions. All data was aggregated and anonymized.
About Credit Karma
Credit Karma’s goal is to save Americans time and money. Through analysis of more than 60 million members’ finances, Credit Karma researches and recommends credit cards, loans and insurance based on each individual’s specific credit profile, drastically simplifying some of the most confusing and tedious yet important tasks in personal finance.The company started by providing free credit scores to recreate the financial industry around people instead of banks. It continues to expand its completely free offerings including its Credit Score Simulator, credit monitoring and friendly, personalized information to help each person understand and make the most of their individual situation.To create a free account, visit www.CreditKarma.com or download the mobile app from the Google Play™ or Apple® App Store℠.