Mass Affluent Millennials: Demographics
An estimated 40% of affluent millennials will willingly take the risk of investing with their finances, 56% have graduated from college, and 60% are currently still at work. California is a top location for mass affluent millennials, followed by Washington, Texas, Colorado, Florida, Oregon, North Carolina, South Carolina, Tennessee, and New Jersey. Approximately 5% of mass affluent millennials ages 35 and under are investors.
MASS AFFLUENT MILLENNIALS: DEMOGRAPHICS
- Millennials are those who were born between 1980 and 1994 and are therefore currently aged between 25-39 — an estimated 9% belong to the mass affluent category.
- 50% of affluent millennials are between the ages of 30 and 34 years old.
- 5% of mass millennials ages 35 and under are mass affluent investors.
- 41% of affluent millennials that have personal financial planner ages of 24 to 38.
- 81% of affluent millennials who think they will be more financially successful than their parent's ages of 24 to 38.
- 40% of affluent millennials say they will take risks with their finances, while 60% of affluent millennials say they are cautious in their finances, ages 24 to 38.
- 64% of affluent millennials are female.
- 43% of affluent millennials are female and 57% are males that earn $150,000-$250,000 annually aged between 25 and 29 years old.
- 75% of affluent millennials are female and 25% of males that earn $100,000-$150,000 annually aged between 30 and 34 years old.
- 42% of affluent millennials that earn $150,000-$250,000 annually aged between 18 and 24 years old.
- 29% of affluent millennials that earn $150,000-$250,000 annually aged between 25 and 29 years old.
- 64% of affluent millennials that earn $100,000-$150,000 annually aged between 30 and 34 years old.
- 56% of affluent millennials have graduated from college.
- 44% of affluent millennials did not graduate from college and another 4% have not complete graduate school.
- A poll by Ipsos Affluent Intelligence Group, as cited by eMarketer, accounting for 64% of affluent millennials is White, 14% is Hispanic, 12% is Asian, and 12% is black.
- According to Spectrum, 5% of mass affluent investors are millennials — among 6 in 10 mass affluent investors are still at work, while 31% are retired.
- The largest percentage works as managers, followed by educators and professionals such as doctors and lawyers as the most common professions.
- California is a top location for mass affluent millennials, followed by Washington, Texas, Colorado, Florida, Oregon, North Carolina, South Carolina, Tennessee, and New Jersey.
- According to personal-finance website SmartAsset, which conducted a study to find the total inflow and outflow of rich young people in all 50 U.S. states and Washington, D.C. — defined rich millennials as those between the ages of 18 and 35 who earn an adjusted gross income of $100,000 or more per year.
- According to an Ameritrade study, High Net Worth Millennials are young adults who have more than $500,000 to invest and will likely hire a financial advisor when making major decisions.
- 57% of affluent millennials are married.
- 81% of mass affluent millennials says it is very important to use a highly reputable and well-known financial institution when choosing financial products like mortgages.
- According to a Nielsen study as cited by the Financial Brand, mass affluent millennials are more than twice as likely as the average consumer to have variable-rate interest, money market accounts and CD accounts.
To locate the demographic information of the mass affluent millennials, we began our research by combing through studies and surveys like ECSports, Berkeley publications, Mdgadvertising, CNBC, Edelman, and Spectrum. Our research team was able to unearth statistics like age, income, race, and gender from a 2016 report on affluent millennials. We went further to leverage information found in the 2016 first quarter wealth segment research among mass affluent investors to provide the required data points.