While Millenials can be seen as a demographic bearing much financial potential, a new survey says otherwise.
According to USA Today/Bank of America Better Money Habits, 80 percent of people ages 18 to 34 believe they will live well financially compared to their parents, while two-thirds claim that they handle money well.
However, what they say is different than what they do, according to National Mortgage Professional.
Half of millennials surveyed admitted they were living "paycheck to paycheck," just having enough to get by until the next paycheck comes. 35 percent are still getting regular financial support from their parents, while 11 percent who are already married or with a partner still depend on their parents to help them with cellphone payments.
Owning a house and saving on a vacation seemed on top of their list, as 33 percent of respondents say they are saving for either of the two, while 22 percent admitted they have not started saving (for anything) at all.
59 percent of those surveyed believed they do not need to worry about "adult" things like buying a house, but 49 percent believe owning their dream house is a sign of professional personal success.
48 percent admitted to still paying less than $100 every month for student loans.
In terms of living conditions, 37 percent of those surveyed ages 18 to 21 are still living with parents at home, 27 percent of those aged 22 to 25 still live at home and don't contribute to expenses or rent. 12 percent of an older age group from 26 to 29 don't pay rent or expenses.
Andrew Plepler, Bank of America's global corporate social responsibility executive, was troubled by the numbers but believe that financial education was the key to getting the Millennials financially ready for a vibrant future.
"Many young adults have great confidence in their financial situations, but we can't ignore the fact that so many are living day to day, not able to prepare for their financial future," Plepler said.
"We need to build on the enthusiasm we see from this group by providing the educational resources and tools they need to understand more about their money in order to achieve financial stability and help them reach their long-term financial goals."
