NEW YORK, April 20, 2015 /PRNewswire/ -- Millennials are feeling better about their finances than other age groups, according to Bankrate.com's (NYSE: RATE) April 2015 Financial Security Index.
32% of employed millennials (18-29 year-olds) report higher job security relative to a year ago and just 4% report lower job security. Overall, 23% of employed Americans are feeling better about their job security now versus April 2014.
30% of millennials say their savings are in better shape now than a year ago, twice as many as the 15% who are less comfortable. In total, 20% of Americans are feeling better about their savings (including a measly 13% of those age 50 and older).
Overall Financial Situation
33% of millennials report their overall financial situation is better than 12 months ago and 16% say it has deteriorated. As with savings, the 50 and older crowd is feeling much worse. Only 19% are reporting a better overall financial situation.
This is the only category in which millennials are lagging behind. The most positive sentiment was observed among 30-49 year-olds. 29% of them are reporting higher net worth than a year ago and only 18% of millennials can say that.
"While millennials are doing pretty well financially, their net worth is being held back because they aren't as invested as older adults in the stock and housing markets," said Greg McBride, CFA, Bankrate.com's chief financial analyst.
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
PSRAI obtained telephone interviews with a nationally representative sample of 1,000 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (500, including 288 without a landline phone) in English and Spanish by Princeton Data Source from April 1-4, 2015. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.6 percentage points.
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, CreditCards.com, InsuranceQuotes.com and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to over 100 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
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