PITTSBURGH, May 9, 2018 /PRNewswire/ -- Now comprising the
largest percentage of the workforce, with a new crop of recent
graduates about to embark upon their professional careers,
millennials report not feeling confident they're saving enough for
the future, according to findings from PNC Investments' Millennials
& Investing Survey.
Equally troubling, more than half of millennials admit they do
not have an emergency fund. The survey reveals the generation as a
whole is more familiar with saving than investing – the result of
the financial lessons their parents imparted on them as
children.
According to the survey, millennials agree they learned about
saving money at a young age, but did not receive as much guidance
from their parents about building wealth through investing.
While almost two-thirds of millennials report that their parents
always encouraged them to save money while they were children, only
half say their family modeled good money management and even fewer
disclose that their parents showed them ways to grow wealth beyond
having a job.
"It's no secret that our attitudes toward money are likely
influenced by how much financial education we received as children
and the types of role models we have in our immediate family," said
Rich Ramassini, CFP, senior vice
president and director of strategy and sales performance for PNC
Investments. "However, this survey finds that millennials'
financial education largely skewed toward savings instead of
investing. When it comes to building wealth over the long-term,
investing is a critical component of a portfolio and one that
should not be ignored."
The survey reports that younger millennials – those who were
likely in high school during the 2008-2009 Great Recession –
describe their family as having modeled good money management
slightly more so than older millennials, who were likely in college
or in the workforce during the same time period.
Of the millennials surveyed, 79 percent between the ages of
25-29 say their parents talked to them about managing finances,
while 70 percent of millennials between the ages of 30-35 report
the same.
"The money mindset that millennials adopted during their
childhood could derail their long-term financial goals," Ramassini
added.
About half of millennials say they expect to retire with
financial stability, though most admit that they do not have a
solid understanding of how to successfully invest their money.
"As this generation matures and acquires more wealth, it's
absolutely critical that they devise a comprehensive financial
plan, which consists of an emergency fund, a mix of savings and
investing and an intimate understanding of their future goals,"
Ramassini said.
PNC Investments LLC is a member of The PNC Financial Services
Group, Inc. (NYSE: PNC). PNC is one of the largest diversified
financial services institutions in the
United States, organized around its customers and
communities for strong relationships and local delivery of retail
and business banking including a full range of lending products;
specialized services for corporations and government entities,
including corporate banking, real estate finance and asset-based
lending; wealth management and asset management. For information
about PNC, visit www.pnc.com.
Survey Methodology
The Millennials &
Investing Survey was commissioned by PNC Investments to
identify attitudes and behaviors of millennials. The study was
conducted online between Jan. 16-25,
2018 among a cross section of millennials age 21 to 35 with
self-reported investable assets of $5,000 or more or those who have a qualified
retirement plan (401(k), 403(b)) and at least $1,000 in investable assets. Survey results are
balanced in accordance of the US Census population distribution for
age and gender to ensure representativeness. No weighting was
required.
The survey was designed by Chadwick
Martin Bailey, a market research firm specializing in custom
research.
This report has been prepared for general informational purposes
only and is not intended as specific advice or recommendations.
Information has been gathered from third party sources and has not
been independently verified or accepted by The PNC Financial
Services Group, Inc. PNC Investments makes no representations or
warranties as to the accuracy or completeness of the information,
assumptions, analyses or conclusions presented in the report. PNC
Investments cannot be held responsible for any errors or
misrepresentations contained in the report or in the information
gathered from third party sources. Any reliance upon the
information provided in the report is solely and exclusively at
your own risk.
Important Investor Information: Brokerage and
insurance products are:
Not FDIC Insured •
Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose
Value
|
Securities products, brokerage services and managed account
advisory services are offered by PNC Investments LLC, a registered
broker-dealer and a registered investment adviser and member FINRA,
and SIPC. Annuities and other insurance products are
offered through PNC Insurance Services, LLC, a licensed
insurance agency.
©2018 The PNC Financial Services Group, Inc. All rights
reserved.
CONTACT:
Lauren Davis
(215) 585-7158
lauren.davis@pnc.com
@LaurenDavis_PNC
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SOURCE PNC Investments