The Top Financial Issues for Millennials Facebook analyzed audience insights, conversation analysis and survey data, and discovered the millennial mindset toward money isn't quite as impulsive as you might think.

By Sarah Whitten

This story originally appeared on CNBC


Millennials might not be as financially illiterate as you think.

While only 37 percent of the generation report having a financial plan, 86 percent are saving money each month, according to a report conducted by Facebook.

The social-media company analyzed audience insights, conversation analysis and survey data, and discovered the millennial mindset toward money isn't quite as impulsive as you might think.

Millennials drive 40 percent of the financial conversation on Facebook, generating around 6.5 million posts, comments, likes and shares each month -- and women are propelling the chatter.

More than 60 percent of all content pertaining to peer-to-peer payments, loans and mortgages, banking, investments and credit cards is dominated by female users.

Debt, credit scores and financial guidance are among the top concerns for this generation. An estimated 53 percent of millennials report not having someone they trust for financial guidance and only 8 percent trust institutions for guidance.

Nearly half of the generation is open to swapping their bank, credit card company or brokerage account and a third describe their current bank in unflattering terms -- 68 percent do not feel like they are understood by their bank.

Image Credit: CNBC | Source: Facebook

Some millennials shy away from credit cards, with 25 percent believing that such cards will worsen their financial standing. However, 46 percent note that the main reason they use credit cards is to help build credit, while 36 percent say it helps to increase their financial flexibility. Only 8 percent cite rewards as a reason to use credit cards.

In fact, 57 percent of millennials would prefer to pay with cash than credit.

Millennials are redefining financial success, according to Facebook. Some 46 percent believe that financial success means being debt free. Owning a home was considered a top priority by 21 percent of millennials, while only 13 percent cite being able to retire are their main financial priority.

Wavy Line
Sarah Whitten

News associate

Sarah Whitten is a news associate at CNBC.

Editor's Pick

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.
One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year
3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You
Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Related Topics

Starting a Business

5 Tips For Launching a Business While Keeping Your Day Job

Launching a business while holding down a 9-to-5 is no small feat. It's a common path for aspiring entrepreneurs, but it's not without its challenges.


Why Time Management Doesn't Work — And How My Team Doubled Their Productivity Once I Started Doing This Instead

Time management is killing your productivity – here's why and what you need to do to increase your productivity instead.

Starting a Business

Honey, We Have a…Company! — 6 Tips for Running a Business With Your Romantic Partner

The unique challenges (and gifts!) in running a business with your romantic partner

Side Hustle

Start Your Side Hustle: Save $160 on a Lifetime Subscription to this E-Commerce All-in-One Solution

For just $39.97, you can set up a branded storefront for an online business and start selling in just a few minutes.

Business Ideas

55 Small Business Ideas to Start in 2023

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2023.