Faced with an economy that is creating lower paying jobs, millennials are making less, piling up more debt, and more than any other time since the Great Depression, are returning home to live with their parents. In a video produced by Morningstar's U.K. unit, millennials discussed what their career aspirations are, and what they expect from their financial future. There were certainly some interesting, if not telling, responses as to the confused state of expectations vs. reality that millennials are dealing with at the moment.
On the salary front, some responses were actually measured. An aspiring midwife thought that her realistic salary would be £35,000 (~$51,000). Other responses however, not so much. One student casually throws out a figure of £150,000 (~$220,000)…
"Living in London, I guess, I don't really know. Maybe upwards of £150,000."
An aspiring finance professional said he would like to earn £100,000 by the age of thirty.
"About when you're thirty years old it should be let's say £100,000"
As far as retirement, ages 60 – 65 were popular responses, but others said they would have to work until 80 or even 90 years old.
"I kind of assume that as millennials, we'll have to work until we're about 90"
One student had the right idea about everything however: "Marry rich and then retire straight away is the ultimate dream."
Interestingly, the majority of students said that they would not pay a professional financial planner to help them retire early or make retirement more comfortable. Then again, instead of fees maybe they plan on spending just $29.95/mo to subscribe to newsletters, using those nuggets of knowledge to invest on their own.
"Realistically I don't think that would be where my money would go, because I wouldn't have additional money to pay someone. I think that's probably the case for a lot of people living in London, and particularly young people don't think about the future because they're struggling so much in the young age."
And after all of the above, that last comment sums up everything perfectly.
Here is the full video
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