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Stories Stories Lifestyle More than half of Millennials expect to be millionaires someday, according to a new study

More than half of Millennials expect to be millionaires someday, according to a new study New

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Written by jonathan     June 13, 2018    
 
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Millennials expect to make it big some day, with more than half reporting that they believe they will eventually become millionaires, according to a new study.

Despite having crushing student loans (20 percent never expect to pay them off), credit card and other debt, people born between 1982 and 2000 share a confidence when it comes to their financial outlook.

'Young people are optimistic about the future,' said JJ Kinahan, chief strategist for TD Ameritrade, in a statement on the company's new report. 'On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25.'

That's despite the fact that 17 percent still can't say they're financially independent from their parents; most report getting cut off once they've moved out of the house.

Perhaps the optimism is due to Millennials graduating in record rates – with the overall college completion rates rising nearly 4 percent in 2017, according to a report by the National Student Clearinghouse Research Center. 

Successful millennials

'This is a financially optimistic group that's feeling positive about the economy, the job market and their own plans,' Kinahan said. 'Their youthful energy combined with countless success stories of young people in the media, likely inspires them to think big when it comes to their earning potential.'

Among the super successful millennials are Kylie Jenner, who despite being 20, has accumulated a fortune worth $50 million, primarily through creation of her own make-up line, Kylie Cosmetics. 

The tech world is home to many young millionaires and billionaires, including Mark Zuckerberg, 34, whose Facebook success has yielded him a net worth of $72.2 billion. Meanwhile, Snapchat co-founder Evan Spiegel has made $2.9 billion through the venture.

But those stories may be the exception, not the rule. This latest study comes less than three weeks after another report revealed that the Millennial generation may never recover from the impact of the 2008 recession.

That report, by the Federal Reserve Bank of St. Louis, found the net worth of an average family headed by someone born in the 1980s fell 34 percent below expectations in 2016, the most recent year for which data is available.

Unlike all other generational groups, the typical 1980s family actually fell further behind from 2010-2016, when people born in other decades were starting to rebound from the financial crisis.

The gloomy report pegged the financial setback on high rates of debt, often due to student loans and credit cards.

Despite anticipating financial success in the face of lackluster economic outcomes, Millennials have different ideas about what kind of lifestyle that wealth will afford them. Nearly a quarter (24 percent) said they don't expect to own a home.

They're planning to build different family lives too: One in four said they don't expect to get married and 30 percent said they aren't planning on having children.

Some Millennials may need a reality check when it comes to retirement. On average, they expect to retire at age 56, despite saying they don't expect to start saving for retirement until age 36.

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