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This Is the Biggest Financial Worry for Millennials

A new report by Facebook indicates that millennials are not as financially illiterate as some believe, as 86 percent are saving money each month. Millennials account for 40 percent of financial conversations on the social media platform, with female users accounting for more than 60 percent of content involving peer-to-peer payments, loans and mortgages, banking, investments, and credit cards. The report also reveals that 68 percent of millennials do not feel like they are understood by their bank; close to 50 percent are open to changing banks, credit card companies, or brokerage accounts; and 33 percent describe their current bank in unflattering terms. Twenty-five percent of millennial respondents believe credit cards will worsen their financial standing, and those who use credit cards do so primarily to build credit (46 percent) and increase their financial flexibility (36 percent). However, 57 percent of millennials would rather pay with cash.

From "This Is the Biggest Financial Worry for Millennials"
CNBC News (01/25/16) Whitten, Sarah