The bad news is that according to the BofA survey, the top financial priorities of Millennials are the following:
- 70% said being debt-free was a top priority
- 63% said having an emergency savings fund was a top priority
- 62% said spending less than they earn was a top priority
They also explain why the Fed will fail each and every time in its attempt to force an entire generation to lever up when the three things said generation wants more than anything is to have no debt, and to live within its means.
That's not all.
In a separate survey conducted by BlackRock, WSJ reports that the Millennial generation is not only likely to be frugal, it is almost certainly not going to be investing in the so-called HFT-rigged, Fed-manipulated casino known as the "market."
Nearly four in 10 people surveyed said they want to make sure they have enough cash saved as a security blanket for an emergency before they save for retirement. And the vast majority said they find it difficult to keep up with bills and save for retirement at the same time.
That squares with other recent data from U.S. Financial Diaries, a project of the New York University
Financial Access Initiative and Center for Financial Services Innovation, which found many households are saving regularly for small, short-term emergencies, such as an unexpected dip in income or a spike in expenses. But those emergencies happen so often it prevents them from building up larger amounts to put toward long-term goals.
More than a third of respondents in the BlackRock survey also said investing money felt risky, and they were afraid of losing money–even though only 7% said they had actually lost money on a past investment. And a full 72% said they did not see investing as a way to help them reach their financial goals.
The punchline: nearly half of people ages 25 to 34 agreed that “what you might earn investing isn’t worth the risk of losing your money,” the most of any other generation.
Two out of three agreed that “investing is like gambling.” And despite having decades to save for retirement, 70% of their portfolios are in cash or cashlike investments, according to BlackRock.
This is bad news to BlackRock whose entire business model revolves around fooling naive individuals that they can make money participating in a ponzi scheme which only generates commission for the likes of BlackRock; everyone else better pray that Janet Yellen's next fainting spell isn't her last.
Read the rest here...