A report conducted by Facebook shows that millennials may be more financially savvy than they are given credit for, according to an article by CNBC.
Facebook analyzed audience and survey data that indicates the generation is less impulsive and rather more long-term orientated when it comes to their finance – and they’re talking about it.
40% of the financial conversation on Facebook is driven by millennials, generating around 6.5 million posts, comments, likes and shares each month.
And female users are dominating more than 60% of all content pertaining to peer-to-peer payments, loans and mortgages, banking, investments and credit cards.
Although only 37% of the generation report having a financial plan, 86% are saving money each month.
Millennials in particular seem to need a financial or mortgage adviser now more than ever as the research shows 53% of millennials report not having someone they trust for financial guidance, only 8% trust institutions for guidance and 21% considered owning a home a top priority.
They don’t feel a great deal of loyalty towards lenders either as almost half said they would be open to swapping their bank, credit card company or brokerage account and a third describe their current bank in unflattering terms — 68% do not feel like they are understood by their bank.