Welcome!

News Feed Item

Nearly One Quarter of Millennials Under Extreme Financial Stress

TD Bank survey finds most millennials wish they were better prepared for life events.

CHERRY HILL, N.J., Aug. 25, 2014 /PRNewswire/ -- TD Bank, America's Most Convenient Bank®, announced the results of a new survey focusing on the top financial stresses for older millennials, ages 24-34. The survey, an extension of the TD Bank Financial Education Survey, revealed that 22 percent of millennials and 17 percent of Hispanic millennials feel they are under extreme financial stress. Additionally, 55 percent of millennials and 60 percent of Hispanic millennials feel they are able to manage their finances, but are having difficulty finding financial happiness. The nationwide survey polled more than 1,000 millennials, including 150 Hispanic millennials, to determine their financial preparedness for major life events, such as going to college and purchasing a home.

America's Most Convenient Bank.

"Many factors can contribute to millennials' financial stress," said Nandita Bakhshi, Head of Consumer Bank, TD Bank. "Major life events such as getting married or starting a new job require solid understanding of personal finance and if millennials are telling us they aren't prepared for this, we need to help find solutions."

Millennials Wish They Were More Financially Prepared

On average, two thirds of all millennials wish they had been more financially prepared before experiencing a major life event. For many of these events, millennials did not prepare at all for the financial implications. Millennials said they were least ready for:

  • Going to college (31 percent/34 percent Hispanic not prepared)
  • Having a child (27 percent/26 percent Hispanic not prepared)
  • Starting a new job (21 percent/23 percent Hispanic not prepared)

Millennials top stressors were:

  • Paying bills (45 percent/51 percent Hispanic)
  • Lack of funds/poor financial situation (33 percent/31 percent Hispanic)
  • Cost of living (7 percent/7 percent Hispanic)

Who Do Millennials Look To For Advice?

The TD Bank survey found that one third of all millennials turn to their family and friends most often when seeking financial advice around a major life event and, on average, only one eighth said they obtain financial advice from a bank. However, 38 percent of general market millennials did turn to their bank for advice when buying a home while only 17 percent of Hispanic millennials did.

Millennials obtain information about financial products most often from:

  • Family and friends (65 percent/61 percent Hispanic)
  • Research on the internet (48 percent/55 percent Hispanic)
  • Formal financial education (33 percent/29 percent Hispanic)

"When it comes to taking a formal financial education class, about one quarter of all millennials feel they didn't need financial education and don't have the time," said Nandita. "Millennials need to be proactive in finding education that fits their needs so they can be more prepared for the events they will experience throughout their lives."

Full survey results, including Hispanic and gender findings, can be found at https://mediaroom.tdbank.com/finedsurvey.

Survey Methodology
The study was conducted among a nationally representative group of consumers from July 25 through August 1, 2014. The total sample size is 1,006 millennials (ages 24-34) and has a margin of error of +/- 3.1%. The survey was hosted by global research company Angus Reid Public Opinion.

About Angus Reid Public Opinion 
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.

About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com.  Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.  

SOURCE TD Bank

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The technologies behind big data and cloud computing are converging quickly, offering businesses new capabilities for fast, easy, wide-ranging access to data. However, to capitalize on the cost-efficiencies and time-to-value opportunities of analytics in the cloud, big data and cloud technologies must be integrated and managed properly. Pythian's Director of Big Data and Data Science, Danil Zburivsky will explore: The main technology components and best practices being deployed to take advantage...
Nicolas Fierro is CEO of MIMIR Blockchain Solutions. He is a programmer, technologist, and operations dev who has worked with Ethereum and blockchain since 2014. His knowledge in blockchain dates to when he performed dev ops services to the Ethereum Foundation as one the privileged few developers to work with the original core team in Switzerland.
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
Dynatrace is an application performance management software company with products for the information technology departments and digital business owners of medium and large businesses. Building the Future of Monitoring with Artificial Intelligence Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more busi...
Today, we have more data to manage than ever. We also have better algorithms that help us access our data faster. Cloud is the driving force behind many of the data warehouse advancements we have enjoyed in recent years. But what are the best practices for storing data in the cloud for machine learning and data science applications?
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term.
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science" is responsible for guiding the technology strategy within Hitachi Vantara for IoT and Analytics. Bill brings a balanced business-technology approach that focuses on business outcomes to drive data, analytics and technology decisions that underpin an organization's digital transformation strategy.
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...