(MENAFN- Investors Ideas) Based on the data from Capital One's Millennial Mindset on Money Survey, below are the topline findings that discuss how Capital One is helping Millennials along their financial journey in the greater context of their lives and how their relationship with money ties into social media use, romantic relationships, holiday gifting, and more.
Conversations about money and what you earn have often been taboo, but the shroud of secrecy collapses when Millennials are faced with choosing which type of sensitive, personal information to reveal on social media.
€¢More than half (58%) of Millennials say they would rather post a photo of their paycheck on Instagram than share their Google search history on Facebook (42%).
Within this sharing context, money has taken on new meaning as Millennials redefine success and surprisingly play it safe when it comes to work choices.
€¢Two thirds (67%) said they would rather have a steady job with a modest income than becoming a millionaire with a chance of going broke within a few years.
While known for being optimistic about their financial future, Millennials are willing to walk away from a romantic relationship with someone who lacks money management skills or expects their partner to carry the brunt of the financial burden.
€¢More than one in ten (13%) say being irresponsible with money is a deal breaker for them, and even more (14%) say being a money moocher is a deal breaker
Even though retirement may be a long way off, Millennials are looking to stash some extra money in the bank to build up their nest egg € including during the holiday season.
€¢More than a quarter (27%) said that establishing a solid nest egg would give them the biggest feeling of accomplishment.
€¢When asked what they would do with a $100 cash holiday gift, 40% of Millennials said they would use the cash to increase their savings balance.
As Millennials navigate the evolving dynamics around how they relate to their money, the possibilities of technological innovation will also inform their ability to access and interact with it.
€¢Nearly half (45%) of Millennials say they would use Facebook to access and manage their money € significantly more than any of the other leading social media platforms (Instagram, Twitter, and Snapchat).
€¢Nearly a quarter (21%) say they would opt for a retina scan as a password option to access their financial accounts, and almost one in ten (8%) would choose a series of emojis or bitmojis.
Despite the promise of technological innovation, Millennials recognize the importance of human touch when dealing with financial matters
€¢When asked what would be the first thing they would do if they found an issue with one of their financial accounts at 2 a.m., 43% said they would want to talk to a human being NOW € a response that was significantly higher than the other options.
RESEARCH FINDINGS ADDENDUM
DETAILED FINIDINGS
For the Good of the 'Gram: Millennials Would Rather Post a Picture of their Paystub on Instagram than Reveal their Google Search History
When playing the game of "would you rather" between revealing different types of sensitive personal information, the shroud of secrecy around what you earn evaporates when faced with the alternative of people knowing what you were looking for on Google. More than half (58%) of Millennials say they would rather post a photo of their paycheck on Instagram than share their Google search history on Facebook (42%).
Interestingly, more affluent Millennials say they would rather post a paystub photo on Instagram € 81% of Millennials earning 150K+ choose this option over sharing their Google search history on Facebook. Even a modest income is not a deterrent when faced with the choice of revealing wages or search history as nearly two thirds (64%) of Millennials earning 25K or less say they would post their paystub rather than share their Google queries.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.