Abstract

According to a PricewaterhouseCoopers (PwC) survey of 5,500 millennials, all born between the early 1980s and mid-1990s, only 24 percent of respondents demonstrated adequate financial knowledge

Almost 30 percent of millennials have overdrawn their checking accounts, demonstrating financial fragility, and more than 80 percent have one or more forms of long-term debt. The PwC report suggests that millennials have less financial literacy than earlier generations. While the reasons for this decline aren’t clear, the PWC indicates that people in this age classification aren’t satisfied with their current financial situation, which makes financial literacy so important. As you work toward your bachelor’s of accounting degree online, this is an important generation to understand. Millennials are becoming both your co-workers and your clients (you may even be a millennial), and their habits will likely factor into your work and life. Millennials could jeopardize their futures if they don’t learn how to manage money, make smart investments, and save for the future.