As the saying goes, “men are from Mars, women are from Venus.” But when it comes to how each gender approaches their finances, the two groups might as well be from different universes, according to findings from the recent PNC Investments Millennials & Investing Survey.
The survey reveals millennial men and millennial women have differing attitudes and habits in key areas, including their confidence levels, the financial products they own and their risk tolerance. More men feel confident than women that they’re saving enough for the future. And more women own basic financial accounts like checking, savings and money markets, while more men own mutual funds and individual stocks and bonds. When it comes to risk tolerance, more men embrace or tolerate risk, while more women like to avoid risk.
“It’s critical that all millennials take actionable steps to ensure their future is not in jeopardy, including saving for retirement, participating in the markets and building an emergency fund,” says Rich Ramassini, CFP, senior vice president, Investments at PNC. “Given the findings of this survey, we encourage millennials to seek assistance from qualified financial advisors who can help make sure they’re on the path to securing a strong financial future.”
Who are millennials?
They are born between the early 1980s to the mid 1990s or early 2000s, so many young adults nowadays would define themselves as millennials.
Are Millennials in Good Financial Shape?
Now comprising the largest percentage of the workforce, millennials report that their parents did not give them much guidance about investing and many are not confident they are saving enough for the future.
According to PNC Investments Millennials & Investing survey, this demographic largely agrees that while they learned about saving money at a young age, they did not receive as much guidance from their parents about building wealth through investing. Financial experts say that this knowledge gap could prove challenging for this segment of the population in the long-term.
“The money mindset that many millennials adopted during their childhood could derail their long-term financial goals,” says Rich Ramassini, CFP, senior vice president, PNC Investments. “When it comes to building wealth over the long-term, investing is a critical component that should not be ignored.”