Millennial Finances and Plans for the Future

MILLENNIAL FINANCES & PLANS FOR THE FUTURE yconic surveyed 1,538 English-speaking Canadians aged 15 to 33 about their expectations for the future, financial independence and plans for home-ownership. The Millennial Mindset Canadian Millennials want what most Boomers wanted: a house, a car, kids, and to get married. 9% say they do not plan to have kids 13% don't know what their plans are about having kids Financial Independence Only 56% of Millennials aged 30-33 say they have achieved financial independence 27 On average, Millennials expect to achieve financial independence by age 27 Still Living with Parents (by age) 59% of 20-24 year-olds 29% of 25-29 year-olds 18% of 30-33 year-olds 18% of Millennials between 25 to 33 say they have worked at least one full-time unpaid internship 46% of Millennials say they can afford to pay the bills, but saving money is a struggle 33% Cheque of Millennials say they are living paycheque to paycheque or barely making ends meet 43% Rely on their parents for financial help 37% get help from their parents when it comes to paying student loans Home Ownership Almost all Millennials say they have or plan to buy a home at some point in their lives. Home Owners (by age) 53% 15% 32% Among those who own a home, say their parents helped them with their down payment 25-29 30-33 7% of those aged 25 to 33 plan to purchase a home in the next 12 months 24% of Millennials expect that their parents will help them with the down payment Saving for Retirement 63% of Millennials believe they will be able to save enough for reitrement Saving for Retirement (by age) 25-29 34% 30-33 46% 58% of Millennials think they will be able to retire between the ages of 60 to 69 An infographic brought to you by yconic. U THINK yconic's Uthink.com property is home to the largest youth market research panel in Canada. Over 540,000 millennials between the ages of 13 and 30 have opted in to participate in our consumer surveys. We help our partners gain key insights into the youth demographic, leading to better marketing and product decisions for the teen and young adult market. For more information, visit yconic.ca. The survey was conducted online with 1,538 Millennials aged 15 to 33 randomly selected from yconic's youth online panel of over 549,000 Canadian residents. The survey was completed between January 30 and February 11, 2014. The online survey is non-random, which means it does not have a margin of error. It has a credibility interval of +/- 2.5%, 19 times out of 20.