Many affluent millennials fear meltdown

Affluent millennials, part of the largest generation that grew up in the shadow of the Great Recession, see another market meltdown in their future. Nearly eight out of 10 (77 percent) of millennials who have either $50,000 in assets to invest or $100,000 in individual or joint family income say “it is just a matter of time before the bad behavior of the financial industry leads us into another global financial crisis,” according to a new “Millennials with Money” survey released Tuesday by the financial services team at Edelman, a communications marketing firm. The dark outlook – which includes 75 percent who fear a hack of the global financial system that will put their personal information into the hands of cyber thieves – collides with a more upbeat view when it comes to how they perceive their personal financial preparedness. Eighty-one percent consider themselves “financially successful” and think they will have more success than their parents when it comes to money. The affluent millennials surveyed – 76 percent who have children and 84 percent who own homes – are making increasingly responsible financial decisions. More than half (52 percent) have an emergency fund that covers six months of living expenses, 46 percent have written a long-term financial plan, 45 percent are maxing out 401(k) contributions, 62 are covered by life insurance and 38 percent are saving for their kid’s education, the survey found. Still, 54 percent of those struggling with financial decisions say thinking about money “makes them stressed and anxious.”