Consumer Surveys
2024 CFP Board Millennials’ Financial Milestones Survey
This survey presents insight into how millennials’ many accomplishments and challenges are affecting their lives and financial goals.
Americans aged 25 to 44 represent the largest share of the workforce, a position they will hold for many years to come. Millennials benefit from higher levels of college education compared to prior generations, ample job opportunities in a tight labor market and flexible work arrangements like remote work. Despite these advantages, millennials face unique financial challenges. Inflation, high interest rates, rising home prices and rents, and college loan debt (for some) are significant concerns. These financial challenges often hinder and delay the achievement of life goals such as homeownership, starting a family or traveling.
CFP Board’s 2024 Millennials’ Financial Milestones Survey report presents insight into how millennials’ many accomplishments and challenges are affecting their lives and financial goals. Based on a survey of 950 Americans aged 25 to 44, the report finds:
- Nearly 3 in 5 millennials have a positive personal financial outlook.
- Most millennials are optimistic about achieving life aspirations, reaching financial milestones and building retirement savings.
- Nearly half of millennials say they are doing better financially than their parents at the same age.
- Attaining financial independence is millennials’ top life goal (46%) and top financial goal (58%).
- Top obstacles to achieving millennials’ financial milestones include:
o Excessive expenses
o Lack of savings
o Too much debt