Many af­flu­ent mil­len­ni­als fear melt­down

USA TODAY International Edition - - MONEY - Adam Shell

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.”

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