Nearly 90% of millennials are saving money and many are using Facebook to educate themselves to make more informed financial decisions, according to a white paper released by the social media colossus this week.
The Facebook study looked at millennials between the ages of 21 and 34 and used data from conversations, third-party affiliates and direct surveys to get a better idea of how millennials think and talk about money matters.
The study found that millennials are much more concerned and responsible about their finances than their reputation would suggest. Paying off debt and saving for the future rank as millennials' top financial priorities, at 43% and 38%, respectively.
86% of millennials say they save money each month, and more than half report they save just to be more financially responsible. Another 20% say they are saving for an emergency, while only 17% say they are saving money to buy a home. Although the rate of saving is high, only a third of millennials say they are happy about how much they are putting away.
Millennials are much more likely than Gen Xers and Baby Boomers to have no money invested, but not because they distrust the stock market. 54% say they simply do not have enough money to invest while another 24% say they do not know enough about investing. Only 12% say that distrust of financial institutions is keeping them from making investments.
More than half of millennials say they do not have any sources of financial guidance they can trust, and only 36% say they talk to their parents about financial matters. In the face of a self-reported lack of knowledge and guidance, millennials are taking to Facebook to discuss finances and investing.
Millennials are responsible for about 40% of global conversation about finances on Facebook, and investing is the topic that attracts the most user engagement. Conversations about investments, loans, mortgages, banking, credit cards and peer-to-peer payment services consistently draw a crowd, according to Facebook's research.
Although millennial engagement with financial matters via Facebook is high overall, women are much more active in the financial conversations than men, responsible for more than 60% of all posts, likes and comments about financial topics.