39% of L.A. millennials ‘chronically stressed’ about money, survey finds
Most Los Angeles millennials are confident about their ability to manage their finances, but that doesn't mean they're not stressing about money.
A new survey by Bank of America and USA Today found that L.A. millennials ages 18 to 34 say they have a clear understanding of their financial situation and 44% are prepared for a rainy day, with three months of living expenses saved up.
But 75% say they worry about their finances "often" or at least "sometimes," with 39% saying they are "chronically stressed" about money.
This pressure can be traced back to factors outside of their control, like uncertainty in the job market, a volatile global economy and student loan debt, according to the report.
Here's what the survey found:
What L.A. millennials stress about
72% worry about the cost of living
63% worry about the cost of housing
61% worry about their ability to save money while living in Los Angeles.
Survey respondents said factors like not making enough money, the economy, lack of job opportunities and failure to save were all obstacles to achieving financial stability.
Their top financial priorities
70% said being debt-free was a top priority
63% said having an emergency savings fund was a top priority
62% said spending less than they earn was a top priority
What millennials know more about than personal finance
Nationwide, 17% of the millennial survey participants said they had expertise in personal finance, compared with 26% who said they had more expertise in technology and 23% who said they knew more about sports.
This survey, conducted online by market and consumer research firm GfK Public Affairs and Corporate Communication, surveyed 1,320 millennials in August. The margin of error for the national data is 3.2 percentage points at a 95% confidence level. L.A. specific data has a slightly higher margin of error, GfK said.
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