2017 Bank of the West Millennial Study
Results
4/26/2017
Table of Contents
• Executive Summary
• Core Findings
– The American Dream: A Growing Checklist
4
5
6
– The Millennial Mindset
• Housing
12
• Career
18
• Family Life
22
– Financing the American Dream
• Additional Data
– Women
25
33
– Urban vs. Rural
37
– California
44
– Methodology
49
2
2017 Bank of the West Millennial Study:
Executive Summary
Executive Summary
• Millennials like the idea of being flexible and don’t want to feel tied down. However, in practice,
they are quite stable.
• More than six in 10 Millennials believe that the American Dream is still attainable today.
• Like previous generations, Millennials want the classic American Dream of owning a home, paying
off debt, and someday retiring—as well as new ingredients reflecting their desire to roam by
traveling the world.
• They imagine themselves untethered: living abroad, moving when they want, and switching
careers. And yet, many have chosen to buy homes, stick with their current employers, and build
fulfilling family lives.
• The vast majority are confident they will attain their American Dreams.
• And yet, only half have plans in place to finance them.
• Without a financial plan Millennials are floundering—with their savings priorities misaligned with
their long-term goals and by overwhelmingly saving in cash instruments, instead of investing.
5
2017 Bank of the West Millennial Study:
Core Findings
The American Dream:
A Growing Checklist
Six in 10 Millennials believe in the American Dream
Which best describes how you feel about The American Dream
Already attained/
Still attainable
61%
The American Dream is still
attainable
56%
I once believed in the American
Dream, but no longer do
I never believed in the American
Dream
The American Dream was never/will
never be attainable
I have already attained the American
Dream
24%
9%
5%
5%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q14. Which best describes how you feel about the American Dream?
7
Like others, Millennials value being happy, home ownership, being
debt-free, and retiring comfortably as ingredients in their American
Dream
Top Ingredients in American Dream
71%
Being happy
70%
70%
80%
61%
Owning a home
60%
62%
69%
56%
Being debt-free
56%
55%
66%
54%
Retiring comfortably
57%
51%
67%
44%
Building a satisfying career
46%
37%
34%
44%
Pursuing my passion
36%
47%
32%
43%
Having children
38%
43%
46%
43%
Getting a good education
38%
43%
44%
42%
Getting married
33%
43%
All
Millennials
Gen X
Baby Boomers
45%
I don't have an American
Dream
4%
3%
5%
4%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q15. Please select the most important ingredients from the following list that describe your American Dream.
8
Millennials also dream beyond what their parents had—valuing
pursuing their passions, professional success, and traveling the world
American Dream Ingredients
44%
47%
Pursuing my passion
36%
32%
44%
46%
Building a satisfying career
37%
34%
39%
41%
Traveling the world
28%
30%
All
Millennials
Gen X
Baby Boomers
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q15. Please select the most important ingredients from the following list that describe your American Dream.
9
All Ingredients of Millennials’ American Dream
Being happy
70%
Owning a home
60%
Being debt-free
55%
Retiring comfortably
51%
Pursuing my passion
47%
Building a satisfying career
46%
Getting a good education
43%
Having children
43%
Getting married
43%
Building wealth
42%
Owning a car
42%
Making it on my own
42%
Traveling the world
41%
Falling in love
41%
Making a difference
40%
Earning a big paycheck
28%
Owing pet/s
28%
Working for myself/owning a business
25%
Beting better off than the previous generation
I don't have an American Dream
Millennials
24%
3%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q15. Please select the most important ingredients from the following list that describe your American Dream.
10
In fact, in order to make these dreams a reality, Millennials are
willing to work a second job to pursue their interests
Agreement with Statements
(% Completely/Somewhat Agree))
74%
76%
Would work a second job to pursue my interests
72%
57%
All
Millennials
Gen X
Baby Boomers
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q3. To what extent do you agree or disagree with the following statements?
11
The Millennial Mindset:
Housing
85% of Millennials say it’s important to have the flexibility to move
when they want
Importance of Flexibility to Move
All
42%
Millennials
42%
44%
Generation X
Baby Boomers
Very/Somewhat
Important
41%
39%
13%
43%
30%
Very Important
14%
17%
48%
Somewhat Important
Not Too Important
16%
3%
2%
85%
2%
82%
7%
77%
Not Important At All
C
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q6. How important is it to you to have the flexibility to move when you want to?
13
Millennials would like to live abroad at some point in their lives
Yes, I would live in another country
I would live in another country for…
(Among those who would live in another country)
69%
Total
Millennials
69%
For a short time
Generation X
80%
68%
Baby Boomers
32%
67%
67%
61%
31%
45%
For a long time
31%
19%
32%
C
All
Millennials
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q8. Would you like to live in another country?
Generation X
Baby Boomers
14
Millennials want to put down roots in one community, rather
than live and work in multiple geographies
68%
Put down roots in one
community
32%
73%
27%
81%
Live and work in multiple geographies
19%
C
Millennials
Generation X
Baby Boomers
Base: Millennials=806; Generation X=103; Baby Boomers=101
Q26. Imagine a world where only one item in each pair is possible. Would you rather..
15
43% of Millennials own their homes, making relocation challenging
Three in four renters say they could decide
to buy down the line
Where Millennials Live
“Tax purposes, the
American dream, to put
down roots for more
than a year lease.”
1%
15%
“If I was settling
down with a
significant other and
starting a family, I
would certainly look
into buying my
home.”
41%
“I'd want to have a
down payment and
a good interest rate
on a mortgage. I
probably wouldn't
buy a house until I
have kids.”
43%
Rent
Own
Stay with parents/family
Stay with friends
“Children and wanting to
make a central place from
which we operate as a
family. I also would like to
have assets in my name
and a house is a way to do
that.”
27% of younger Millennials (ages 21-27) own homes vs. 56% of older Millennials (ages 28-34)
Base: Millennials=806; Generation X=103; Baby Boomers=101
Q11. Where do you currently live?
Q12. What reasons, if any, would/did motivate you to buy your own home?
16
The main reason Millennials give for not wanting to own a house is
that it’s too expensive
Main Reasons Not to Own a House
Please note small sample size
34%
18%
14%
19%
13%
3%
It's too expensive I enjoy the financial I don't want to be
flexibility of renting tied down to one
location
I don't want to go
into debt
It's too much
responsibility
It's a bad
investment
Millennials
Base: Total=135; Millennials=110; Generation X=16; Baby Boomers=9
Q13. What's the main reason you don't want to own your own home?
17
The Millennial Mindset:
Career
Millennials say they need to switch employers to be paid what
they’re worth
Career Advancement
(% Completely/Somewhat Agree)
43%
48%
To be paid what I feel I'm worth and advance in my career, I
have to switch employers every few years
34%
19%
All
Millennials
Gen X
Baby Boomers
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q3. To what extent do you agree or disagree with the following statements?
19
Despite this, two-thirds of Millennials are happy working for their
current company and plan to stay put
Job Satisfaction
(% Completely/Somewhat Agree)
64%
65%
I am satisfied with my current employer and plan to
stay with my company
60%
65%
All
Millennials
Gen X
Baby Boomers
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q3. To what extent do you agree or disagree with the following statements?
20
And most Millennials wouldn’t quit their job or move to a new city
without another job offer
Mobility and Employment
80%
79%
I wouldn't quit a job without another lined up
80%
(% Completely/Somewhat Agree)
88%
65%
62%
I would move to a new city without a job lined up
68%
(% Completely/Somewhat Disagree)
87%
All
Millennials
Gen X
Baby Boomers
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q3. To what extent do you agree or disagree with the following statements?
21
The Millennial Mindset:
Family Life
If forced to choose, Millennials put family life first and would prefer
to live close to home
Imagine a world where only one item in each pair is possible. Would you rather…
Have a rich family life
Move closer to family
78%
80%
22%
Have a rich professional life
20%
Base: Total n= 1,010
Q26. Imagine a world where only one item in each pair is possible. Would you rather...
Move away from family
23
With this tension between their attitudes and actions, nearly two in
three Millennials feel stuck in the life they have
Agreement with “Sometimes I feel stuck in the life that I have”
Somewhat/completely agree: 64%
23%
41%
Completely Agree
Somewhat agree
24%
Somewhat disagree
13%
Completely disagree
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q3. To what extent do you agree or disagree with the following statements?
24
2017 Bank of the West Millennial Study:
Financing the American Dream
85% of Millennials are confident they will attain their American
Dream, but only half have a financial plan in place
Confidence in Attaining Their American Dream
Completely confident
Have a Plan to Finance Their American Dream
All
22%
Millennials
Generation X
Very confident
32%
85%
Baby Boomers
52%
Somewhat confident
31%
44%
49%
49%
Not very confident
Not at all confident
12%
3%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q20. How confident are you that you will attain your American Dream?
26
All generations overwhelmingly feel that opportunity—not innate
ability—is the key to reaching their goals
Opportunity Variables
(Among those who chose opportunity)
Hard work
Key to the American Dream
80%
42%
Money
19%
Network/connections
18%
Education
Luck
14%
6%
Innate Ability Variables
(Among those who chose innate ability)
Confidence
20%
41%
Intelligence
26%
Fearlessness
Opportunity
Innate Ability
Charisma
Scrappiness
16%
7%
10%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q18. Overall, which of the following do you think is the key to achieving the American Dream?
27
Millennials believe they have more opportunity to be successful than
their parents
Agreement with “I have more opportunity than my parents had to be successful”
(% Completely/Somewhat Agree)
Somewhat/completely agree: 67%
26%
Completely agree
26%
Somewhat agree
24%
Somewhat disagree
9%
Completely Disagree
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q3. To what extent do you agree or disagree with the following statements?
28
More Millennials are saving to travel than for a home or retirement,
two core elements of their American Dream
What They Are Currently Saving For
43%
Travel
30%
33%
46%
37%
41%
Retirement
53%
Emergency fund
34%
35%
36%
34%
Build wealth
28%
Support children
33%
32%
4%
32%
Buy a home
16%
4%
27%
Education
20%
6%
Large purchase
61%
41%
42%
43%
37%
38%
30%
21%
11%
Start a business
13%
7%
1%
16%
23%
16%
10%
Switch career
0%
12%
5%
10%
I am not saving
9%
All
16%
16%
Millennials
Generation X
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q21. What financial goals are you currently saving or investing for?
Baby Boomers
29
Millennials say budgeting help, access to capital, and financial
education will help them achieve their American Dream
Financial Support Needed To Achieve Their American Dream
19%
Budgeting help
12%
21%
8%
19%
Access to capital
19%
19%
25%
19%
16%
Free financial education
18%
11%
6%
All
15%
11%
Retirement planning
27%
34%
Millennials
Generation X
14%
15%
A regular financial check-up
Baby Boomers
10%
13%
12%
12%
11%
12%
Debt refinancing
Estate planning
5%
5%
5%
9%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q25. What financial support would most help you reach your American Dream?
30
Just a quarter of Millennials are investing, most saving in cash or
bank accounts
How Americans Save
60%
64%
Checking/savings
51%
39%
18%
17%
21%
Investing on my own
26%
Millennials
Investing: 24%
10%
Investing with the help of an advisor/robo-advisor
7%
18%
27%
Cash
12%
12%
10%
8%
All
Millennials
Gen X
Baby Boomers
Base: Those saving Total=907; Millennials=735; Generation X=87; Baby Boomers=85
Q23. How are you primarily saving?
31
2017 Bank of the West Millennial Study:
The Female Perspective
Women are more likely to choose more “ingredients” to create
their American Dream
Ingredients of the American Dream
Being happy
63%
Owning a home
48%
Retiring comfortably
50%
36%
Building a satisfying career
46%
40%
Getting a good education
32%
Having children
32%
Getting married
62%
61%
44%
Pursuing my passion
51%
51%
50%
33%
Women
41%
41%
Building wealth
Owning a car
38%
Making it on my own
37%
Traveling the world
36%
Making a difference
45%
Men
46%
44%
31%
Falling in love
33%
44%
45%
25%
29%
Earning a big paycheck
Owing pet/s
22%
Working for myself/owning a business
23%
26%
Beting better off than the previous generation
26%
24%
I don't have an American Dream
67%
54%
Being debt-free
77%
32%
3%
5%
Base: Total: 1010; Female: 573; Male: 437
Q15: Please select the most important ingredients from the following list that describe your American Dream.
33
Women less likely to say they have a plan in place to finance their
American Dream
Do you have a plan in place to finance your American Dream?
Women
Men
43%
43%
57%
57%
Yes
No
Yes
Base: Total: 1010; Female: 573; Male: 437
Q24: Do you have a plan in place to finance your American Dream?
No
34
Women more likely to say they’d rather be happy than be rich
Preferences (by Gender)
Women
9%
91%
Be rich
Be happy
Men
26%
74%
Base: Total=1,010; Millennials=806; Generation X=103; Baby Boomers=101
Q26: Imagine a world where only one item in each pair is possible. Would you rather...
35
2017 Bank of the West Millennial Study:
Urban versus Rural
Millennials say their American Dream is most attainable in a
suburban or urban area
Where in the U.S. do you believe that your
American Dream is most attainable?
Urban
Suburban
All
Gen X
Baby Boomers
30%
All
13%
Millennials
32%
Millennials
11%
24%
Millennials
23%
26%
35%
Gen X
40%
Baby Boomers
5%
All
Baby Boomers
33%
Gen X
10%
It is not more attainable in one type
of area than in another
Gen X
All
26%
Millennials
Rural
34%
Baby Boomers
It is not attainable anywhere
All
Millennials
Gen X
Baby Boomers
2%
2%
8%
1%
14%
23%
Outside the U.S.
All
Millennials
Gen X
Baby Boomers
Base: Total: 973; Millennials=778; Generation X=98; Baby Boomers=97
Q17. Where in the U.S. do you believe that your American Dream is most attainable?
2%
2%
2%
2%
37
Those who live in urban areas are more likely to say they would
move to a new city without a job lined up
Agreement with “I would move to a new city without a job
lined up”
22%
28%
49%
78%
72%
51%
Urban
Suburban
Somewhat agree +
Completely agree
Rural
Somewhat disagree +
Completely disagree
Base: Total: 1010; Urban: 360; Suburban: 472; Rural: 178
Q3: To what extent do you agree or disagree with the following statements?
38
Those who live in urban and suburban areas are more likely to say they
need to job hop to advance
Agreement with “To be paid what I feel I'm worth and advance in my career, I have to switch
employers every few years”
30%
39%
57%
70%
61%
43%
Urban
Suburban
Somewhat agree +
Completely agree
Rural
Somewhat disagree +
Completely disagree
Base: Total: 1010; Urban: 360; Suburban: 472; Rural: 178
Q3: To what extent do you agree or disagree with the following statements?
39
Those living in suburban and rural areas are more likely to choose more
“ingredients” to create their American Dream
Ingredients of the American Dream
Being happy
Owning a home
Being debt-free
Retiring comfortably
Pursuing my passion
Building a satisfying career
Getting a good education
Having children
Getting married
Urban
Building wealth
Suburban
Owning a car
Making it on my own
Rural
Traveling the world
Falling in love
Making a difference
Earning a big paycheck
Owing pet/s
Working for myself/owning a business
Beting better off than the previous generation
I don't have an American Dream
0%
10%
20%
30%
40%
50%
60%
70%
80%
Base: Total: 1010; Female: 573; Male: 437
Q15: Please select the most important ingredients from the following list that describe your American Dream.
90%
100%
40
Those who live in urban and suburban areas are more likely to have a
plan in place to finance their American Dream
Do you have a plan in place to finance your American
Dream?
Urban
Suburban
54%
41%
59%
Rural
46%
Yes
No
64%
36%
Yes
No
Base: Total: 1010; Urban: 360; Suburban: 472; Rural: 178
Q24: Do you have a plan in place to finance your American Dream?
Yes
No
41
Opportunity is deemed by all groups to be more essential to achieving
the American Dream than innate ability
Importance of Opportunity vs. Innate Ability in
Achieving the American Dream
81%
79%
80%
19%
21%
20%
Urban
Suburban
Rural
Opportunity
Innate Ability
Base: Total: 1010; Urban: 360; Suburban: 472; Rural: 178
Q18: Overall, which of the following do you think is the key to achieving the American Dream?
42
2017 Bank of the West Millennial Study:
California
Millennials living in California are more likely to say they have more
opportunity than their parents did to be successful
Agreement with “I have more opportunity than my parents had
to be successful”
64%
79%
36%
21%
CA
Non-CA
Somewhat agree +
Completely agree
Somewhat disagree +
Completely disagree
Base: Total: 806; CA: 174; Non-CA: 632
Q3: To what extent do you agree or disagree with the following statements?
44
Millennials living in California are more likely to say it’s harder to be
successful now than when their parents were starting out
Agreement with “It's harder to be successful now than it was
when my parents were starting out”
67%
74%
33%
26%
CA
Non-CA
Somewhat agree +
Completely agree
Somewhat disagree +
Completely disagree
Base: Total: 806; CA: 174; Non-CA: 632
Q3: To what extent do you agree or disagree with the following statements?
45
Millennials living in California are more confident that they will
achieve their American Dream
Confidence in Achieving the American Dream
Completely confident + Very confident: 66%
CA
23%
43%
28%
5% 1%
Completely confident + Very confident: 51%
Non-CA
22%
Completely confident
29%
Very confident
32%
Somewhat confident
Not very confident
Base: Total: 806; CA: 174; Non-CA: 632
Q20: How confident are you that you will attain your American Dream?
14%
4%
Not at all confident
46
Millennials living in California are more likely to have a plan in place to
finance their American Dream
Do you have a plan in place to finance your American
Dream?
California
Non-California
64%
36%
Yes
45%
55%
Yes
No
Base: Total: 806; CA: 174; Non-CA: 632
Q24: Do you have a plan in place to finance your American Dream?
No
47
Appendix: Methodology
Survey Methodology
This survey was conducted online within the United States by Maru|Matchbox on behalf
of Bank of the West between January 17th – 23rd, 2017 among its proprietary
Springboard America panel.
1,010 individuals aged 21-70 completed the survey, including 201 based in California.
• 806 Millennials (Ages 21-34)
– 356 Age 21-27  Younger Millennials
– 450 Age 28-34  Older Millennials
• 103 Generation X (Age 35-51)
• 101 Baby Boomers (Age 52-70 )
Gender, household income, and regional data is balanced to U.S. Census with a boost to
the California market.
49
THANK YOU
Bank of the West
Corporate Communications
180 Montgomery Street
San Francisco, CA 94104
Contact: Anita Fox
[email protected]
bankofthewest.com