December 1, 2017, 9:00 am EST
A Decade of Recession Lessons Motivates Today’s Youngest Generations
Uniquely shaped by their coming-of-age during the Great Recession a decade ago, millennials demonstrate a “do-it-myself” mindset as they continue to pursue financial independence and self-sufficiency. According to the latest Merrill Edge® Report, when asked what they’ll be able to rely on in 20 years, millennials’ top response was their savings account (66 percent) – a self-created and self-funded source. In fact, millennials place greater trust in their own stewardship than they do in their personal relationships with their significant other (57 percent) and friends (56 percent). Their do-it-myself (DIM) mindset is evident in their willingness to save a significant portion of their paycheck; 38 percent of millennials say they are willing to save more than 50 percent of their own paycheck to have more money in the long run.
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