Spectrem Group’s 2014 study of Affluent households has found a heightened confidence among the youngest respondents about their financial futures. More than half expect their personal financial situation to be stronger a year from now, compared with 48% of respondents overall with a net worth of at least $100,000.
Fifty percent expect to have sufficient income to live comfortably during retirement compared with 43 percent of Gen Xers and late Baby Boomers.
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Debt is the biggest financial concern among 42 percent of respondents. Four-in-ten said their debt is "overwhelming," while 56 percent said they are living paycheck-to-paycheck.
The most pressing Millennial debt are Credit card debt (16 percent); mortgage (15 percent); student loans (12 percent); auto loans (9 percent) and medical debt (5 percent).
However, seven-in-ten Millennials are confident they will be able to save enough to create the lifestyle they want in the future. Again, women are less confident than their male counterparts.
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By GlobalData
