While millennials may get "offended," the reality is that not everyone gets to make seven figures. If you want to earn that kind of income and secure those kinds of savings, you have to put in the work, make smart decisions and even then, nothing is set in stone. Either way, surveys show that while millennials may dream of larger bank accounts, they aren't really doing anything to make those dreams a reality -- a generational hallmark, to say the least.
Millennial dreams don't meet reality
As a recent report from MarketWatch explains, some two-thirds of millennials believe they'll be rich by the time they reach 45, but their current savings and other life choices say otherwise. YCharts, an investment research platform, led a survey which found that an astonishing 65 percent of millennials believed they'd be worth seven figures by 45, if not sooner. Research led by TD Ameritrade found similar results, with survey data showing over half of millennials expected to be millionaires within their life time. One in four expected to be a millionaire by age 50.
Studies have shown that the millennial generation views money as very important -- but all of this lies in stark contrast with data which indicates that this age group is not as hard-working as past generations. While some "data" on millennial work habits are more positive, these studies often leave much to be desired.
However, there is the nationally representative Monitoring the Future project, which has been studying secondary students since 1975. Of the 50,000 students surveyed each year, the compiled science shows millennials are lazier than their predecessors. For the generation of "first world" problems, it's not that surprising.
Delusions of grandeur
As Psychology Today reports, data from Monitoring the Future shows 38 percent of millennials say they don't want to work hard, compared to just 26 percent of Boomers and 30 percent of Gen X.
More, only 47 percent of millennials said they were willing to work overtime -- compared to 59 percent of Boomers and 56 percent of Gen X. Across the board, it's clear there has been a serious drop-off in work ethic over the last generation.
On top of a dwindling work ethic, millennials are not saving adequately, either. As the report from Market Watch reveals, data from the National Institute for Retirement Studies shows around 67 percent of millennials have nothing saved for retirement at all -- and 95 percent aren't saving properly.
Jennifer Brown, NIRS manager of research, reportedly stated, "Financial experts recommend that millennials set aside 15 percent or more of their salary for retirement, which is a much higher rule of thumb than recommendations for previous generations. But we find that millennials’ average retirement savings rate, including employers’ matching contributions, is 10 percent of their salary." Other data shows millennials aren't investing in the stock market, either.
Overall, it's pretty clear most millennials will not reach their seven-figure dreams. Experts say this generation is literally delusional about their earning potential and how much money they can or will make -- which fits right in with past conclusions that millennials are wholly unprepared for adult life in general.
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