Denver is a hot market for millennials who are attracted to the city’s job prospects, according to the new Better Money Habits® Millennial Report released today by Bank of America. The report, which surveyed 23- to 37-year-olds, found that 58 percent of millennials in Denver say that employment opportunities are a major benefit to living in the area, while only 39 percent of millennials nationally say the same about where they live. Additionally:
Two in five Denver millennials consider themselves part of the gig economy (meaning they take on short-term contracts or freelance work), versus 26 percent of their peers nationally.
Thirty-two percent of Denver millennials expect to have eight or more jobs in their lifetime, compared to 23 percent nationally.
Sixty-four percent of Denver millennials feel secure in their financial future, compared to 59 percent of millennials nationally.
At the same time, Denver millennials are more likely than their peers to say they worry often about money: 34 percent say they worry often about finances, compared to 25 percent of U.S. millennials. Their biggest sources of stress are not putting enough money into savings (37 percent), health care/medical bills/health insurance costs (23 percent) and their career path (22 percent). In addition, they say their top two obstacles to financial freedom are housing costs (62 percent) and day-to-day living expenses (40 percent).
“It’s easy to see why millennials are drawn to Denver,” said Matt Kroeker, Small Business Banking manager and Better Money Habits champion, Bank of America. “The city’s got it all right now from natural beauty to a thriving cultural scene and one of the most promising job markets in the country. But young adults here are still worried about their finances. To help ease this kind of stress, we offer resources through Better Money Habits that help young adults take control of their financial lives so that they can spend more time enjoying all that Denver has to offer.”
Better Money Habits is Bank of America’s free financial education platform. It features easy-to-understand information and tools to navigate personal finance topics like spending and budgeting, home ownership, taxes and income, and more. The Better Money Habits Millennial Report explores millennials’ views on personal finance matters to give insight into the unique financial milestones they experience as young adults. This is the fifth installment of the report, which has been published since 2014.
Defying the stereotype that millennials are bad with money, the majority of millennials in Denver are saving and budgeting.
In Denver, 64 percent of millennials are saving. Their top reasons for saving are to have an emergency fund (57 percent), retirement (51 percent) and vacation/travel (42 percent).
It’s not all talk, either: 65 percent of Denver millennials who have a savings goal usually meet it. Forty-seven percent have $15,000 or more in savings, and 14 percent have $100,000 or more in savings.
Seventy-three percent of Denver millennials plan/manage a budget.
At home, some millennial couples in Denver choose to keep their finances separate. Thirty percent do so, and 15 percent don't know their spouse/partner’s salary (compared to 18 percent nationally). In addition, 35 percent of millennial couples in Denver say that finances are the top source of tension in their household, followed by household chores (20 percent).
Bank of America commissioned a survey of 1,500 respondents, ages 18 to 71, to explore their views on personal financial matters. The survey was conducted online in English and Spanish during the period of September 22–October 16, 2017. Interviews were conducted by GfK Public Communications and Social Science, using GfK’s KnowledgePanel®, a statistically representative sample source used to yield results that are projectable to the American population. The margin of sampling error for national data is +/- 3.1 percentage points at the 95 percent confidence level. An augment sample of approximately 2,025 additional interviews was also included to bring the millennials found in the national sample up to 300 completes each in six DMA markets including Austin, Texas; Raleigh-Durham, N.C.; San Diego, Calif.; Pittsburgh, Pa.; Denver, Colo.; and Seattle, Wash. Margin of error for the DMA augments are higher than that of the national sample.
At Bank of America, we’re committed to helping people lead better financial lives by equipping them with the skills, knowledge and confidence to succeed. That’s why we created Better Money Habits, a financial education platform of tools and information that helps people make sense of their money and take action to improve. As a cornerstone of Better Money Habits, we offer free financial education content and tools that break down financial topics in a way that’s digestible, approachable and tailored. We also work with the education nonprofit Khan Academy on a video series for young adults focused on career-related financial topics. We continually look for ways to expand the reach of Better Money Habits and over the course of 2018 will offer Spanish language resources on the site.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,500 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 35 million active users, including approximately 24 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Reporters May Contact:
Britney Sheehan, Bank of America