ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Retail and Marketing

Most Young Adults Are OK Financially

November 20, 2015
Reading Time: 3 mins read

The convention wisdom is that young adults age 17 to 24 are either living with their parents or are financial dependent upon them.

Not so. Young adults graduating from college and beginning their careers may be more financially independent than many people think. According to a new survey released by TD Bank, only 42 percent of the youngest millennials currently rely on some form of financial support from family, and 61 percent know their credit score.

The TD Bank survey asked 505 gen Zers (ages 17–20) and young millennials (ages 21–24) about their financial habits, knowledge and concerns to explore their levels of financial literacy and independence.

Unsurprisingly, the survey found that as gen Zers begin their journey toward financial independence, three-quarters are receiving financial support from family. But at the same time, they are establishing themselves financially. Those in gen Z have almost as many financial/bank accounts as young millennials (2.4 accounts for gen Z vs. 3.3 accounts for young millennials) and 29 percent know their credit score.

“It’s encouraging to see that many gen Zers show some great money habits and are already beginning to prepare for their financial futures,” says Andrea Johnson, Head of U.S. Financial Education at TD Bank. “It’s crucial for gen Z to understand the importance of being good money managers, especially as they enter college and take on loans.”

Huge student loans

Student loans and personal debt are generally a new and large responsibility among young millennials and gen Zers. More than a third (38 percent) of gen Zers and young millennials surveyed are extremely or very concerned about their ability to pay back student and/or personal debt. For young millennials who are finishing school or starting their career, 38 percent have personal or student loans and have borrowed, on average, $27,286 for their education.

When it comes to gen Zers, who might still be accumulating school-related debt, 31 percent have already taken on personal or student loans, and they have borrowed $13,119 on average. The survey also found that 30 percent of gen Zers are unsure of how much they’ve borrowed. Despite not knowing what their current school debt is, they anticipate a greater amount of debt than their millennial counterparts after graduating.  

Spending/saving habits of young Americans

While many gen Zers are receiving less financial support than once thought, they are still receiving some support from family members. According to the survey, nearly a quarter (24 percent) of gen Zers’ spending money comes from family, and only 7 percent for young millennials.

Of the money these younger Americans take in, whether it’s from family or a job, they try to save something. Eight-four percent of gen Z and 82 percent of young millennials say they are able to put some money into savings accounts. They also try to be responsible with their bills—63 percent of young millennials and 47 percent of gen Zers say they consistently pay on time.

Financial goals, confidence and outlook

When asked about the importance of a range of financial milestones over the next 10 years, graduating from school and starting a new job were ranked first or second by more than half of gen Zers (55 percent and 51 percent, respectively).

Young millennials, however, have more varied financial priorities over the next decade. Millennials said starting a new job was their highest priority in the next few years, with buying a home a close second in priority (38 percent and 33 percent, respectively.)

According to the survey, 38 percent of young millennials said they were confident in making financial decisions, compared with only 29 percent of the younger gen Zers. At the same time, 21 percent of gen Zers and 14 percent of young millennials say they’ll worry about money when they’re older.

“Financial confidence comes with time,” said Johnson. “Young millennials are gaining that confidence and are setting a good example for gen Z. Gen Z continues to become more financially confident as they tackle their first real monetary challenges.” 

The study was conducted among a nationally representative group of consumers between October 5 and October 11, 2015. The total sample size is 505 respondents (254 ages 17-21; 251 ages 21-24) and has a margin of error of +/- 4.4 percent. The survey was hosted by global research company Vision Critical.

TD Bank, Cherry Hill, N.J., has 1,300 locations through the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida.

 

ADVERTISEMENT
Tags: Millennials
ShareTweetPin

Related Posts

Chair’s View: Celebrating a century of giving back

Chair’s View: Celebrating a century of giving back

Community Banking
July 1, 2025

Not only do we celebrate the 150th anniversary of our organization, we also commemorate an important milestone for the ABA Foundation.

Fighting fraud on the frontline

Fighting fraud on the frontline

Compliance and Risk
June 30, 2025

Customer inquiries and complaints are important tools for detecting scams, but structural barriers in the bank may prevent them from being fully utilized.

Marketing Money Podcast: You don’t need a bigger budget — you need a better plan

Retail and Marketing
June 27, 2025

What matters most in bank marketing. And understanding how to deal with common obstacles.

Proposed rule would require verification system for Treasury checks

Podcast: Inside ABA’s new Treasury Check Verification System API

ABA Banking Journal Podcast
June 25, 2025

ABA's new Treasury Check Verification System platform is live. ABA anti-fraud experts Paul Benda and Hannah Ibberson discuss the platform and how banks can put it to use.

Marketing automation drives value for bank marketers

Retail and Marketing
June 23, 2025

Automation can assist bank marketers with lead analysis, scoring and pipeline reporting when built into a bank's CRM or automation platform.

Is deepfake technology shifting the gold standard of authentication?

Will fraud prevention ever be autonomous?

Technology
June 17, 2025

Anti-fraud systems are learning to anticipate fraud rather than merely react to it. Better anticipatory abilities inch systems closer to full automation.

NEWSBYTES

ABA survey: Most banks likely to stick with current core provider

July 2, 2025

Study: U.S. retail bank customers’ financial health declines

July 2, 2025

Survey: California, Texas cities lead in credit card delinquencies

July 2, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025

Podcast: Old National’s Jim Ryan on the things that really matter

June 12, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.