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According to an INSIDER and Morning Consult survey, about 38% of Millennials earning $ 100,000 a year or more think of themselves as middle-clbad.
The survey was conducted among 4,400 Americans, including 1,207 among the millennials, or 22 to 37 years (237 respondents did not choose a generation).
Of the respondents who answered the question, less than half who earn $ 100,000 or more consider themselves to be wealthy – about 23% think they belong to the upper middle clbad and nearly 6% think they are rich . About a quarter of those earning $ 100,000 a year or more consider themselves less than the middle clbad – nearly 7% think they are poor and nearly 20% think they belong to the working clbad.
Note that out of 1,207 millennials surveyed, only 125 earn more than $ 100,000 and answered the question about which clbad they identify with, which allows us to work with a small sample.
The 38% of the millennials in this income group who consider themselves middle-clbad work on 50 respondents. More than half of them think that their financial situation is better than they thought ten years ago, just over a quarter find that their financial situation is pretty much the same as to which they expected, and only 16% think that they 're their financial situation is worse than they thought.
These are better prospects than the typical respondents of our generation who participated in our survey: about 37% of millennials, regardless of their income level, feel better financially than they do. did not think so 10 years ago.
Read more: Nearly a third of millennials are in a worse situation than they thought 10 years ago
The overwhelming mentality of the group that they are doing as well or better than expected could be attributed to their education: 10% defined it as poor, 32% grew up in the working clbad and 48% in the origins of the middle clbad. Only 6% said they were raised in the upper middle clbad.
The increase in the cost of living has made it more difficult to create wealth
Although the group of respondents to this question is relatively small, their answers highlight the economic context of the financial situation of the millennial generations, which we observe repeatedly in studies and surveys of all sizes.
In today's economy, a six-figure salary may no longer be what it was. Although the millennials have benefited from a 67% increase in their salaries since 1970, according to Student Loan Hero's study, this increase did not follow the rising cost of living. WE.
This is especially true in some of the most expensive cities in America. Consider San Francisco, a hub for the millennium technician. Nearly 60 percent of technology workers, who typically earn a six-figure salary, can not afford to buy housing in the area, Business Insider reported in 2018.
In the end, the high cost of living, combined with the effects of the Great Recession, made it harder to badess and build wealth for millennia. Millennials who earn six figures and who think they're middle clbad are trying, but – according to the survey, 40% have a brokerage account, 82% have a retirement account and 92% have a savings account.
But the cost of living has gone up so much that even a million dollars has not been as long as before – it may take that Generation Y needs a goal of 2 million dollars when it will be saving for retirement.
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