Millennials expect to make it big some day, with more than half reporting that they believe they will eventually become millionaires, according to a new study.
Despite having crushing student loans (20 percent never expect to pay them off), credit card and other debt, people born between 1982 and 2000 share a confidence when it comes to their financial outlook.
‘Young people are optimistic about the future,’ said JJ Kinahan, chief strategist for TD Ameritrade, in a statement on the company’s new report. ‘On average, survey respondents expect to land a job in their chosen field and be completely financially independent by age 25.’
That’s despite the fact that 17 percent still can’t say they’re financially independent from their parents; most report getting cut off once they’ve moved out of the house.
Perhaps the optimism is due to Millennials graduating in record rates – with the overall college completion rates rising nearly 4 percent in 2017, according to a report by the National Student Clearinghouse Research Center.
‘This is a financially optimistic group that’s feeling positive about the economy, the job market and their own plans,’ Kinahan said. ‘Their youthful energy combined with countless success stories of young people in the media, likely inspires them to think big when it comes to their earning potential.’