Millennial Money Mindset: Financial Status, Expenditures and Saving Habits of People
A certain financial status is attained depending on how a person spends and saves money and how they deal with the financial aspect of their lives. Getting a survey from 500 people, many have different perceptions with their financial status and how they see themselves as responsible financially. In a number of 500 people, almost 94% of these people find themselves responsible with handling their finances and 57% out of 500 people feel that their financial shape is better than others.
Financial State of a College Graduate
There are certain allotments that people stick to when talking about finances, and when it comes to the preparedness for entering college, only 32% are really prepared financially to graduate and 56% were not that much prepared of graduating from college. This only means that people differ with how they prepare for attaining an education degree financially because of different matters.
When it comes to the extra money that people have from their paychecks, 66% out of 500 are able to save it, 18% spare it to pay their debts and the rest would spend it or use it other things. As people have different preferences with how they use their extra money, it is evident that people who are able to save enough money would see themselves as better than others in handling their money.
From their paycheck, most people would create a budget suited for the money and only some are able to stick with the usual budget they have. Most people are able to save from their mortgages than those who always struggle with paying off their rents and mortgages.
The Role of Debt
Debts will never be eradicated from one’s financial reports, and out of 500 people 60% have debts. Most of the people who have debts are due to their credit cards and next are student loans. Other would have debts due to their car loans, mortgages and from their relatives of friends. This goes to show that almost 83% of people are setting a particular amount from their paychecks that will be used in paying their debts alone.
People end up with debts just to cover up some expenses that they would have after their paychecks have been used for family necessities. Aside from covering some expenses there are people who go out of budget as they intend money for certain contributions. With this in mind, the number of people who are sealing with debts is, somehow, increasing.
How Millennials Manage Their Financials
To manage their finances and accounts, many people are now referring to mobile apps that can help them with such needs. Technology was not made to be used for limited number of uses. It is now playing an important role in finance making it convenient for people to organize their accounts and even make payments fast and easy.
With various software and financial apps available for download on various mobile devices, people are able to make use of their devices to handle their finances easily. Furthermore, they also make use of these apps in managing to attain a financial status that is better than other people.