Millennials Are More Concerned With Social Media Than Their Finances, Says Study
Why worry about your finances when you’re busy worrying about your followers?
Millennials are more likely to care about social media over their finances, a new study shows.
Researchers surveyed 2,000 millennials and how they spend their money — and time — discovering that they devote a whopping 150 more hours online than they do to managing their bank accounts.
They’re also more likely to play with pets, surf streaming services, care for houseplants or ponder what to eat for dinner longer than they would be thinking about their finances.
Managing money fell to the bottom of millennials’ priorities list, ranking last on a list of activities millennials spend time doing.
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Only 27% of millennials confessed to checking their bank accounts once per week, while 45% said they didn’t even know how much money they currently had in their accounts.
Using technology, like phones, tablets or computers — to enroll in auto-pay of bills may be to blame.
The study, conducted by OnePoll and partner UpWise, found that millennials want to feel more in control of their finances, with a majority of respondents agreeing that developing good financial habits at a young age is important — although it might be too late now.
