You can’t blame them for being hopeful.
MagnifyMoney surveyed more than 1,000 Americans on their thoughts about wealth – what it meant, what they were doing to acquire it, and if they’d ever make it into the upper tax brackets.
Just over half (51%) of respondents think believe will become wealthy one day. A lucky 15% said that they already were.
The Millennial generation, however, was more confident – one might say overconfident – than any other generation that they’d attain wealth. Two out of three believed they’d become wealthy someday – even though currently, they have almost everything going against them.
For example, Millennials are in a retirement-savings crisis, with roughly two-thirds of Millennials have nothing saved for retirement at all, according to the National Institute on Retirement Security.
Not only that, but they carry the third-highest student-loan debt, according to Experian, with the average balance being $34,504.
This Millennials overconfidence toward their financial future has precedence: a 2018 TD Ameritrade survey showed that half of all Millennials believed they’d be millionaires someday.
Not to mention, they’re not doing the type of investing that would normally make their money work for them. A Bankrate survey showed that only one in three Millennials invest in the stock market.
Homeownership, another way to boost wealth, is out of reach for many debt-ridden and cash-strapped Millennials. According to a study by the Urban Institute, only 37% of Millennials between the ages of 25 and 34 owned homes in 2015.
So, Millennials: will you be wealthy? Maybe. But you’ve got some serious catching up to do.