Bad news when it comes to Millennials and their money….
Acording to a study by Price-Waterhouse-Coopers and George Washington University – Millennials engage in very risky behavior with their money.
Of the Millennials surveyed, only 8% answered five out of five questions correctly and 24% answered three correctly.
The study analyzed the financial characteristics of more than 5,500 people born between the early 1980s and the mid-1990s.
4 out of 5 have major debts such as student loans.
30% have overdrawn their checking accounts,
Nearly half have used pawnshops, auto title loans or payday loans.
Millennials represent 80 million shoppers, and researchers say it’s important to the economy that the Millennials really get their act together from a financial literacy standpoint.
Millennials’ heavy debt burdens are causing them to compromise their future security.
Some 17% of those with a retirement account took loans against it in the past year, while 14% took out a “hardship” withdrawal.
