Michael Stoler Real Estate Newsletter
Inside the Money Mindset of the Millennials: Generation Y- age from 18 to 34
While my generation is considered the Baby boomers, the youngest generation of is considered the "Millennial generation "or Generation Y, which ranges in age from 18 to 34. This is a generation which has been raised during the stock market crash and the great recession. In April, Lab42 a market research firm analyzed the mindset of Millennails, gaining insight into their savings and spending habits overall.
Among the highlights, they found that nearly 9 in 10 Millennials create a budget for themselves, with the majority saving money and paying off debts. When it comes to the extra money from their paychecks, they found that 66 percent of Millennials save it, and 18 percent use the surplus to pay off debts. Just 14 percent spend their spare cash.
Millennials with debt appear to be particularly budget-conscious. Of the 60 percent surveyed who have some form of debt, 83 percent budget a specific amount each month to pay it off. The number one form of debt was credit card debt (50 percent), followed closely by student loan debt (49 percent) while 34 percent are paying car loans; 33 percent are paying a mortgage and 10 percent have loan from parents or family member.
This generation often have to seek financial assistance with 55 percent of them have had to borrow money at some point from a parent or friend to cover expenses.
This generation who have excess cash flow is planning for their retirement with 52 percent contributing to a 401K and 26 percent contributing to an IRA.
When the subject if residence, a total of 64 percent of renters and homeowners have 3 months of rent or mortgage saved.
To keep an eye on spending and budgeting, Millennials increasingly rely on tech-based solutions: over half (52 percent) use a banking app to manage their bank accounts from smartphones and tablets. 42 percent have used the mobile check deposit feature from a banking app to deposit money into their bank accounts by taking photos of checks.
The personal financial application "Mint" ranks in number one position as the top personal application and software followed by your bank's application; Microsoft Money; Quicken and Moneybook.
The Money Summit:
Navigating the marketplace for real estate debt
Wednesday, June 26, 2013
8 AM to 11 AM
CUNY Graduate Center, 365 Fifth Avenue, New York
Senior Real Estate Finance & Banking Executives
Insight on navigating the marketplace for real estate debt
One on One:
Michael Stoler in conversation with
Rick Lyon, EVP & Head of Commercial Real Estate
Capital One Bank
James Carpenter, Sr. EVP & Chief Lending Officer,
New York Community Bank
Kevin Cummings, President & CEO, Investors Bank
Peter D'Arcy, President, New York City Region, M & T Bank
Melissa Farrell, Managing Director
Prudential Mortgage Capital
Matthew Galligan, President, Real Estate Finance, CIT
Daniel Harris, EVP & Chief Lending Officer
Dime Savings Bank of Williamsburgh
Michael Sarkozi, Managing Director
J.P. Morgan Chase
Thomas Zale, Managing Director
Northwestern Mutual Real Estate Investments, LLC
For additional information & registration
The Money Summit
for additional information
"The Real Estate Market in 2013: Or Have we returned to 2007?
Thomas Lydon City Investment Fund
Gino Martocci M & T Bank
Mitch Rutter Essex Capital Partners
James Orphanides Centurion Holdings
The Stoler Report-New York Business Report airs 8 times a week on CUNY TV
Tuesday: 2:00 AM, 11:00 PM
Wednesday: 8:30 AM, 2:30 PM, 10:30 PM
Friday: 5:30 AM
Sunday 12:00 AM
Sunday 10:30 AM
The Stoler Report airs Four times a Week in East Hampton & Montauk
Airing on WEGTV Channel 22
This week on Building New York-New York Life Stories
Debuting: Monday, June 3rd, at 10:30 AM
A lively conversation with Joseph Mattone, Chairman, Mattone Group
This show airs on CUNY TV in New York City will debut on Monday at 10:30 AM, and will be re-airing on
Monday 10:30 AM, 4:30 PM & 10:30 PM
Wednesday 5:30 AM
Thursday 11:30 PM
Saturday 12 Noon & 12:30 AM
Sunday 6 PM
Building New York-New York Life Stories airs on
9 PM and 12 Midnight on Direct TV and JLTV around the nation.
Nationwide - Channel 366 Call 877-7MY-JLTV for Free Installation
Miami Beach/South Miami - Channel 167
Detroit (Livonia, Redford, Farmington) - Coming, Summer 2013
Greater Chicago Area - Channel 686
Time Warner Cable:
New York City Area- Channel 120
All past broadcasts of Building New York: NY Life Stories are available on the Internet:
The show also airs 5 times a week in East Hampton & Montauk, airing on WEGTV Channel 22.
Available on the Internet