Millennials squeezed by bills say they need $1 million to be financially independent: RBC
BNN Bloomberg
A majority of millennials say they need $1 million to achieve financial independence, according to an RBC report.
The report, released Tuesday, reveals mounting pressure as 64 per cent of millennials say they are anxious about their financial future, managing to save $126,000 so far. About 57 per cent report little or no money left over after they pay monthly bills.
“Today’s lack of affordability is a crucial challenge for millennials at a time when they need their money to be working as hard as they are,” says Jodi Wright, senior director and head of RBC Financial Planning. “It can be overwhelming when you’re trying to cover monthly expenses, pay down debt, and invest for the future.”
Millennials face difficult decisions of either paying their bills or planning for the future. Forty-five per cent say they dipped into savings to keep themselves afloat while, 40 per cent are concerned they will never pay off debts. according to the report.
Millennials have investment ambitions for their future as 52 per cent want to retire comfortably. About 41 per cent want to achieve financial independence, and 41 per cent want to build wealth. About 43 respondents, however, say they worry about poor investment choices and lack confidence in their investing knowledge, according to the report.
A majority of millennials report not having a financial plan to achieve their goals. Less than 48 per cent say they have a financial plan and of those that have one and 33 per cent described their plan as in their head rather than on paper.
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