Thursday, June 23, 2011

Generation Y's 5 Top Financial Plans

In a previous post regarding Echo Boomers and homeownership, I mentioned that the Millennial generation had different plans for their future outside of just "owning a home." What are Echo Boomer's five top financial plans?

I asked Echo Boomers, "What are your financial plans," and they responded by listing their financial plans for the future (counted as "votes"). Echo Boomers could choose as many financial goals as they wanted, so many Echo Boomers had at least two or three goals. The five top winners?

1. Save money 16.9% of the votes (90% of Echo Boomers have fewer than $2000).
2. Pay off debt 14.4% of the votes.
3. Buy a home 13.4% of the votes (12% of Echo Boomers are homeowners).
4. Go to college or continue education 12.9% of the votes (Echo Boomers may still see value in higher education) despite the growing education bubble.
5. Be financially stable 10.9% of the votes.

The biggest loser? Marriage; it received a whopping .5% of the votes! I've written it before: Generation Y does not like marriage. Other big losers were be rich (2%) and buy a car (2.5%). Of course, when you look at the characteristics of Generation Y, you can see that owning a car and making money don't seem high on their list of things to do.

Nonetheless, it is fascinating to see what concerns Echo Boomers in a financial manner. These five goals indicate what industries will win with Echo Boomers, but also what industries will lose.