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Millennials are people born between 1981 and 1996, and are also known as Generation Y. The term was first used in the 1991 book “Generations” by William Strauss and Neil Howe, who named the generation after it being the first to come of age in the new millennium.
In 2025 Millennials are all adults now.
What is Millennials financial situation? Are they going broke or are they thriving?
Find out in my updated Millennials financial situation statistics, facts and trends guide for 2025.
You can use this jump link to quickly jump to the KEY STATS section.
Also, all the references and resources I used in crafting my guide are listed at the bottom of the page.
Jump here: Key Millennials Financial Statistics, Facts and Trends for this Year| Detailed Millennials Financial Situation Statistics, Facts and Trends for this Year
Table of Contents
Key Millennials Financial Statistics, Facts and Trends for this Year
Key Millennials Financial Habits Statistics, Facts and Trends for 2025
- The median Millennial salary in the US is around $47,034 per year. (Source)
- The average Millennial has a net worth of approximately $68,000.  (Source)
- About 48% of Millennials have no retirement savings at all. 63% of Millennials say they’re living paycheck to paycheck. (Source)
- Only 14% of Millennials have $100,000 or more in savings. 52% of Millennials have less than $1,000 in savings. (Source)
- 73% of Millennials carry some form of non-mortgage debt. Average student loan debt for Millennials is $38,877. The average Millennial carries $4,322 in credit card debt. (Source)
- Only 42% of Millennials own homes, compared to 48% of Gen X at the same age. 45% of Millennials have delayed buying a home due to financial concerns. (Source)
- Only 37% of Millennials feel financially secure. (Source)
- The average Millennial wedding costs $30,000. (Source)
- 67% of Millennials use mobile payment services like Venmo or PayPal. (Source)
- 53% of Millennials have taken on side gigs for extra income. (Source)
- The average Millennial spends $478 per month on groceries. (Source)
- 45% of Millennials have postponed having children due to financial concerns. (Source)
- 27% of Millennials are self-employed or own their own business. (Source)
- The average Millennial car loan is $19,011. (Source)
- 55% of Millennials are actively investing in the stock market. (Source)
- 39% of Millennials have had to move back in with their parents due to financial hardship. (Source)
- The average Millennial emergency fund contains $2,472. (Source)
- 37% of Millennials are actively investing in cryptocurrency. (Source)
- The average Millennial spends $187 per month on subscription services. (Source)
- 44% of Millennials feel they’ll never be able to retire. (Source)
- 58% of Millennials have experienced wage stagnation in the past 5 years. (Source)
- The average Millennial rent payment is $1,389 per month. (Source)
- 41% of Millennials have delayed medical care due to cost. (Source)
- 33% of Millennials have a 401(k) through their employer. (Source)
- 68% of Millennials say they can’t afford to buy a home in their preferred location. (Source)
- Globally, the median Millennial salary is $18 319 per year, in local currency. (Source)
- 92% of millennials use mobile banking apps regularly. Around 55% of millennials use online-only banks or digital banking services. (Source)
Detailed Millennials Financial Situation Statistics, Facts and Trends for this Year
What is the Average Net Worth of a Millennial Today?
The average Millennial has a net worth of approximately $68,000. The median Millennial salary in the US is $47,034 per year.  (Source)
Globally, the median Millennial salary is $18 319 per year, in local currency. (Source)
How Many Millennials Have Started Saving for Retirement?
About 48% of Millennials have no retirement savings at all. And only 14% of Millennials have $100,000 or more in savings. This is a significant wealth gap between the two groups. (Source)
They do have a lot of debt though. 73% of Millennials carry some form of non-mortgage debt. (Source)
Average student loan debt for Millennials is $38,877. The average Millennial carries $4,322 in credit card debt. (Source)
The average Millennial emergency fund contains $2,472 and 52% of Millennials have less than $1,000 in savings. (Source)
The average Millennial car loan is $19,011. (Source)
Note: a recent survey showed than 44% of Millennials feel they’ll never be able to retire no matter what they do (27% of Millennials are self-employed or own their own business. 53% of Millennials have taken on side gigs for extra income. (Source)
55% of Millennials are actively investing in the stock market and 37% of Millennials are actively investing in cryptocurrency seeing both as potential ways for them to retire rich and gain financial freedom). (Source)
What Percentage of Millennials are Homeowners Compared to Previous Generations?
Only 42% of Millennials own homes, compared to 48% of Gen X at the same age. 45% of Millennials have delayed buying a home due to financial concerns and 39% of Millennials have had to move back in with their parents due to financial hardship. (Source)
What Percentage of Millennials Feel Financially Secure?
Only 37% of Millennials feel financially secure and 63% of Millennials say they’re living paycheck to paycheck. (Source)
Many Millennials don’t trust traditional banks and prefer Fintech solutions and online banking.
What Percentage of Millennials Use Digital Payment Services?
67% of Millennials use mobile payment services like Venmo or PayPal which with regular usage give decent discounts. For Millennials these apps are ways to save a little bit of money. (Source)
How Much do Millennials Spend Monthly on Groceries and Monthly Subscription?
The average Millennial spends $478 per month on groceries and $187 per month on various subscription services. (Source)
How Many Millennials Have Delayed Getting Married and Having Children Due to Money Problems?
45% of Millennials have postponed having children due to financial concerns. The average Millennial wedding costs $30,000 which is a lot of money for a large percentage of Millennials. (Source)
Millennials Financial Situation Statistics, Facts and Trends FAQ for 2025
What is the Financial Situation of Millennials? What are the Common Financial Struggles and Problems Millennials Face?
Millennials face a number of financial challenges, including:
- Student loans: many millennials took on large amounts of student loan debt to pursue higher education, but the promise of higher income has not materialized. High unemployment and low wages make it difficult to pay off these loans, which further damages credit scores.
- Housing costs: housing costs are high, and rents have skyrocketed in major cities.
- Healthcare costs: Healthcare costs are high for everyone, including Millennials.
- Saving for retirement: it’s difficult to save for retirement due to high prices, inflation, and the lack of employer-provided retirement plans for many millennials.
- Irregular income: the gig economy and irregular income can make it difficult to budget.
- Lack of financial education: some millennials lack financial education.
- Fear of investing: some millennials are afraid to invest.
What Percentage of Wealth is Held by Millennials in the US?
Millennials currently hold around 9.4% of total wealth in the United States. (Source)
Baby Boomers currently hold the largest share of wealth ins the US standing at 51.8%. (Source)
What Percentage of Millennials are Financially Literate?
Only a small percentage of millennials are considered financially literate, with estimates ranging around 11-25% demonstrating a high level of financial knowledge. (Source)
Most millennials lack a comprehensive understanding of basic financial concepts which prevent them from doing better financially.
Why are so Many Millennials Struggling Financially?
Many millennials are struggling financially due to a number of factors all combining into a perfect storm.
For example, there’s student debt. Tuition costs have increased dramatically in recent decades, leaving millennials with large amounts of debt that can take years or even decades to repay. This debt can make it difficult to save, invest, or buy a home.
Then there’s an increasingly steep cost of living. The cost of living has increased faster than wages, especially for housing, healthcare, and education.
This has led millennials to delay major life milestones like buying a house, getting married, and having kids.
Millennials Financial Situation Statistics, Facts and Trends for 2025 (Conclusion)
My updated guide for 2025 lists the best and latest statistics, facts and trends about Millennials financial habits and how they’re getting along.
I hope you enjoyed it because the guide is now over.
During my research, I consulted these resources below:
References:
- Financial Well-Being of the Millennial Generation: An In-Depth Analysis of Its Drivers and Implications- https://files.consumerfinance.gov/f/documents/cfpb_financial-well-being_Davis_brief.pdf
- 2025 MILLENNIALS’ FINANCIAL MILESTONES SURVEY RESULTS- https://www.cfp.net/-/media/files/cfp-board/knowledge/reports-and-research/consumer-surveys/2024-millennials-financial-milestones-survey-results_d3.pdf
- Millennials: Financially Confident but Very Stressed- Study found this generation is building wealth, keen on crypto, and worried- https://www.investopedia.com/millennials-are-financially-confident-but-stressed-5224413
- The Financial Lives of Millennials: Evidence from the U.S. Financial Health Pulse- https://www.newamerica.org/millennials/reports/emerging-millennial-wealth-gap/the-financial-lives-of-millennials-evidence-from-the-us-financial-health-pulse/
- Millennials in Better Financial Condition Than Previous Generations- https://www.lendingtree.com/debt-consolidation/millennials-financial-condition-study/
- https://www.washingtonpost.com/business/2024/06/22/gen-z-millennials-debt-inflation/
- https://highline.huffingtonpost.com/articles/en/poor-millennials/
- Millennials and Money: The State of Their Financial Management and How Workplaces Can Help Them- https://www.tiaa.org/public/institute/publication/2020/millennials-and-money
- Though millennials feel very confident about their financial knowledge, they want to learn more from the experts- https://www.emarketer.com/content/though-millennials-feel-very-confident-about-their-financial-knowledge-they-want-learn-more-experts
- Millennials’ average net worth: How the nation’s largest working generation stacks up against the rest- https://fortune.com/recommends/investing/millennials-average-net-worth/
- Financial Well-Being of the Millennial Generation: An In-Depth Analysis of Its Drivers and Implications- https://gflec.org/wp-content/uploads/2019/12/Research-Brief-Financial-Well-Being-of-the-Millennial-Generation-GFLEC-format.pdf
- Money Habits of the Millennial Generation- https://www.investopedia.com/articles/personal-finance/021914/money-habits-millennials.asp
- https://www.businessinsider.com/average-us-millennial-savings-student-debt-2023-5
- Millennials’ wealth falls further behind gen X, baby boomers as real estate plunges- https://financialpost.com/wealth/millennials-wealth-behind-gen-x-baby-boomers
- Millennial Income Statistics- https://tokenist.com/millennial-income-statistics/
- Understanding the state of millennial personal finances- https://www.tiaa.org/content/dam/tiaa/institute/pdf/summary/2018-11/tiaa-understanding-millennial-finances-r1o-10-30-18-final.pdf
- Wealth distribution in the United States from the first quarter of 1990 to the first quarter of 2025, by generation- https://www.statista.com/statistics/1376622/wealth-distribution-for-the-us-generation/
- 10 Biggest Financial Problems a Millennial Faces- https://groww.in/blog/biggest-problems-millennial-faces
Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.