Millennials Want It All - Other News

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Millennials Want It All

Millennials Want It All

Add to Favorites:

Millennials are looking to have the American Dream, but they want it their way, according to a new study by Bank of the West. They found that while many Millennials want to be homeowners, pay down their debt, have a great career and retire, they also want to travel, follow their passions and maybe spend some time living abroad if they can swing it.

Some may have the idea that Millennials live a devil may care lifestyle but the data says that they actually want constancy and stability in their lives along with the excitement, creating a more complex picture. “Millennials dream of living abroad, moving to a new city and switching careers, but in reality, they are quite satisfied with stability,” said Paul Appleton, executive vice president, Consumer Payments & Product, Bank of the West.

“It’s an interesting dichotomy that doesn’t appear with Gen-Xers or Boomers. This generation is dreaming bigger and better, and while they are confident they’ll fulfill their dreams, they need help figuring out how to fund them,” he said.

Happiness comes first

In the study, they found that six in ten millennials believe that the American Dream is alive and well. So what does the perfect American Dream look like? It includes a good dose of happiness, and here Millennials are in agreement with Gen Xers and Boomers, with 70% of millennials putting being happy at the top of their list.

But there are other factors in creating the perfect American Dream as well, including:

  • Owning a home (60%)
  • Being debt-free (55%)
  • Retiring comfortably (51%)

The Millennial Divide

Yet for some millennials, there is a divide when it comes to the lives they want and the ones they have. While many want to own a home, 85% want the flexibility to move whenever they want, and 67% want to be able to pick up and live abroad. In keeping with the theme of living abroad, a third says that they could possibly decide to live in another country for the long term.

However, this is not in keeping with how they actually live their daily lives. When it comes to picking up and moving in reality on average they see themselves doing that just two times in the coming years. And 68% say that their preference is to actually have roots in one community, instead of living in many.

This tendency is supported by the fact that 43% have bought homes, which makes living in another city, state or country much harder. And while Millennials are often called the renting generation, three out of four want to buy a house.

This study was carried out by online by Maru|Matchbox for Bank of the West. The study ran from January 17 to 23, 2017.

Add to Favorites:

Related News:

Airline and Hotel Winners of the Freddie Awards
Airline and Hotel Winners of the Freddie Awards

Posted: May 03, 2017

The loyalty programs for Southwest Airlines and Marriott both took home the Program of the Year award at this year's Freddie Awards. Continue reading
Bank of America and PayPal Strike a Deal

Posted: August 16, 2017

With more and more people interested in making mobile and digital payments, Bank of America and PayPal have inked a new deal paving the way for Bank of America customers to be able to link their credit and debit cards with PayPal and use ... Continue reading
Visa Helping Make Using QR Codes Easier

Posted: August 15, 2017

QR code payment technology is used around the world, and in some parts of the globe it is helping set the stage for a cashless future. In keeping with this trend, Visa has thrown their weight behind supporting and developing new global QR ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Match Mile For Mile: We’ll match all the Miles you’ve earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
You could turn $150 into $300 with Cashback Match™. Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically.
For Excellent, Good Credit
No Annual Fee. See WebBank/Fingerhut Credit Account Terms.
For Bad Credit