MILLENNIALS—THE DEMOGRAPHIC BETWEEN THE ages of 18 and 35—have toppled baby boomers as the largest living generation in the U.S., and they are reportedly more than 74 million strong in the nation. What’s more, minorities constitute a large portion of that population. According to a Brookings Institute report, citing data from the Census Bureau, minorities make up 27% of the total millennial population. That millennial group represents 43% of the money-earning minority workforce.
The Minds of Millenials
These days, it seems so many outlets are trying to get into the minds of millennials. A recent Harvard University survey of millennials, ages 18 to 29, found that only 11% expressed trust in Wall Street, which includes banking and finances, overall.
Using MFourDIY, the market research industry’s all mobile, do-it-yourself platform for designing and carrying out studies, MFour recently conducted a survey of millennials, across the representative U.S. millennial population by sex, age, race/ethnicity, income, and employment status. MFour posed some 30 questions to millennials, who make up about 60% of its million member active panel, all of whom participate in research via MFour’s On The Go app for smartphones and tablets.
Here are some of the insights from MFour on how millennials manage their money.