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Millennials money-happiness-factor-ss-nonlit-fass389

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Wells Fargo annual survey of millennials

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Millennials money-happiness-factor-ss-nonlit-fass389

  1. 1. Millennials, Money, and the Happiness Factor Rejuvenating the Millennial conversation by connecting happiness to their financial life.
  2. 2. 2 Most Millennial studies tell only half the story, focusing on dollars but overlooking humanity. That's why our 2017 Millennial Survey brought the love, asking about happiness, priorities, and passions. The results revealed a disconnect: The majority of Millennials consider themselves happy, and they most closely associate love, not money, with happiness. But the majority also want to conquer their financial anxiety. Here’s the good news: This is an optimistic population ready for help with uniting happiness and money. Use these survey insights to start empowering Millennials to connect financial health with a lifetime of happier days. For love or money?
  3. 3. 3 Why should we listen? $ 30 trillion 79.8 millionMillennials in America1 in wealth may pass down to Millennials3 39% of Millennials who do not have an advisor say they want one 75% of the workforce will be Millennials by 20252 77% of Millennials do not have an advisor n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n
  4. 4. 4 Love + doing = happy Millennials care about their relationships, purpose, and financial wellness. And they are happier when they take control of their financial lives.
  5. 5. 5 83% 68% 3 out of 5Millennials say they feel happy and that their lives are meaningful At least 9 out of 10 Millennials say all of the following are important to them: Feeling financially secure Feeling mentally and physically healthy Having fulfilling work Making a difference for the greater good Having close personal relationships of millennials take an active role in their financial lives report they feel in control Yet only
  6. 6. 6 I want to be understood 7out of 10Millennials say the Great Recession made them skeptical of stock market experts Twice as many affluent Millennials (those with $100,000+ in household investable assets) are satisfied with their financial life—but it’s still the lowest point of satisfaction. Decision-making perspectives 82% of men say they are the sole household financial decision-maker 59% of women say they are the sole household financial decision-maker
  7. 7. 7 While Millennials often are generalized into one group, there are nuances that require careful consideration.
  8. 8. 8 Millennials reported an admirable eagerness to invest in ways that benefit the greater good. But a fair number also revealed that they are not yet financially independent—a hurdle in their altruistic pursuits. I’m a giver, not a taker
  9. 9. 9 86% of Millennials define themselves as a giver (not a taker) If given $ 1,000to invest, 86% say they would be motivated to invest in a company that makes the world a better place with their product. 74% say it would be easier to stomach the ups and downs of investing if the investments had a positive impact on the world 42% report that they regularly rely on others for financial support SPOUSE FAMILY FRIENDS
  10. 10. 10 I like going to work every day The survey showed a modernized definition of success for this generation, centered on work as an avenue to happiness and fulfillment in addition to financial security. 77% of employed Millennials say they are happy to go to work every day 82% are confident that their career will provide them with financial security 88% say success at work is more about happiness than material prosperity n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n
  11. 11. 11 Millennials are rewriting the definition of work-life balance and career satisfaction.
  12. 12. 12 The Millennial financial mindset may be strained by anxieties and intimidations, but it is uplifted by a desire to change. I care about my financial health
  13. 13. 13 98% of Millennials cite feeling financially secure as important to their lives ... ... but only 32% are satisfied with their financial lives MostMillennials find basic financial skills intimidating, with the following top-three intimidators: 69% of Millennials say they want to get over their anxiety about money. Sticking to a budget Knowing how to invest money Saving for the future
  14. 14. 14 Contact us to access more groundbreaking findings and actionable insights that help advisors, plan sponsors, employers, and other financial professionals energize and engage the next generation of wealth accumulators. Get the tools and insights you need Call 1-888-877-9275 or visit wellsfargofunds.com/generations This is only the beginning— connect with us to get more
  15. 15. 15 Wells Fargo Asset Management Wells Fargo Asset Management, a division of Wells Fargo Wealth and Investment Management, strives to help clients achieve their financial goals through top-tier investment options managed by specialized investment teams that are supported by independent risk management and backed by superior, collaborative service. About the survey The survey was conducted by Harris Poll on behalf of Wells Fargo. Wells Fargo was not identified as the research sponsor. Between June 16 and June 29, 2017, approximately 1,771 online interviews were conducted with people ages 20 to 36 who met the following criteria: primary or joint financial decision-maker; U.S. resident or citizen for three or more years; not employed in market research; and employed, looking for work, student, or stay-at-home spouse. Roughly 720 interviews were with affluent Millennials (those having $100,000 or more in investable assets), and roughly 931 were with nonaffluent Millennials. Additionally, 59% of interviewees were female and 41% were male, and 78% of all interviewees were employed. Data for age, gender, employment status, marital status, household size, region, and investable assets was weighted where necessary to bring them in line with their actual proportions in the population.
  16. 16. 1. Source: Pew Research Center, April 2017 2. Source: The Brookings Institution, May 2014 3. Source: Accenture Consulting, 2016 Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus and, if available, a summary prospectus, containing this and other information, visit wellsfargofunds.com. Read it carefully before investing. Mutual fund investing involves risks, including the possible loss of principal. Consult a fund’s prospectus for additional information on risks. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the funds. The funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA, an affiliate of Wells Fargo & Company. Neither Neither Wells Fargo Funds Distributor nor Wells Fargo Funds Management holds fund shareholder accounts or assets. This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind­—including a recommendation for any specific investment, strategy, or plan. 306854 10-17 © 2017 Wells Fargo Funds Management, LLC. All rights reserved.   FASS389 10-17

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