There are a lot of assumptions that millennials only live in the moment, but a new Fidelity Investments® study debunks that. It turns out that millennials are balancing their current health and happiness with their future financial stability.
The 2018 Millennial Money Study finds millennials (born 1981 – 1996) are seeking balance when it comes to their money habits, especially as it relates to spending now versus saving for the future, with 57% agreeing they balancing these equally.
But what happens when social media depicts a social circle frequently splurging? Fidelity’s study finds social media users are being impacted by what they see in their network. For instance, 62 percent of millennials agree that they don’t understand how people in their social network afford their respective lifestyles, and even more striking, 63 percent think social media has a negative influence on their financial well-being.