US Millennial: Financial Behaviors


To identify the financial behaviors of a typical United States millennial. This will be used to gain a better understanding of their pain points/constraints, goals and needs in their current financial experiences.

Early Findings


  • An average American millennial earns an annual income of $35,592. Average yearly earnings before tax is placed at $56,099.
  • Also, the average American millennial is though to be financially behind, resulting from factors such as financial crisis, student debt, and high cost of living.
  • In general, United States millennials carry more than $1 trillion in student loans, with 63% of them having over $10,000 in student loans.
  • 52% of the age group are expected to default on their loans in the next 1 year.
  • Also, "52% of Millennials carry over balances on their credit cards every month."


  • A Morning Consult survey opined that 69% of the United States millennials have a savings account.
  • The survey also suggests that "58% of millennials have under $5,000 in a savings account, about 19% have between $5,000 and $15,000, and 11% have between $15,000 and $50,000."
  • 43% of millennials engaged in "costly non-bank forms of borrowing in the last five years, like using pawn shops and payday lenders."

Spending Habit

Financial Literacy

Proposed next steps:

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Our initial research identified the basic spending habit, debt profile, and the financial literacy level of an average United States millennial. We propose further research to obtain 5-7 additional insights into the financial behavior of a typical US millennial. We will be focusing on insights relating to banking (this will answer questions about whether they have an account, the type of account, and their credit card usage), online and offline purchasing experiences, and brand perception, advertisements and marketing purchases, and savings approach towards retirement.
We also recommend additional research to provide 2-3 consumer trends of the United States millennial. For each trend, we will include data to support the reasoning of its importance, and potential impact.