Wells Fargo annual survey of millennials

1. Millennials, Money,
and the Happiness Factor
Rejuvenating the
Millennial conversation
by connecting happiness
to their financial life.

2. 2
Most Millennial studies tell only half the story, focusing on dollars but
overlooking humanity. That's why our 2017 Millennial Survey brought the
love, asking about happiness, priorities, and passions.
The results revealed a disconnect: The majority of Millennials consider
themselves happy, and they most closely associate love, not money, with
happiness. But the majority also want to conquer their financial anxiety.
Here’s the good news: This is an optimistic population
ready for help with uniting happiness and money.
Use these survey insights to start empowering Millennials to connect
financial health with a lifetime of happier days.
For love or money?

3. 3
Why should we listen?
$
30 trillion
79.8 millionMillennials in America1
in wealth may pass down to Millennials3
39%
of Millennials
who do not have
an advisor say
they want one
75%
of the workforce
will be Millennials
by 20252
77%
of Millennials
do not have an
advisor
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4. 4
Love + doing = happy
Millennials care about their
relationships, purpose, and
financial wellness. And they are
happier when they take control
of their financial lives.

5. 5
83%
68%
3 out
of 5Millennials say they feel happy and
that their lives are meaningful
At least 9 out of 10
Millennials say all
of the following are
important to them:
Feeling financially
secure
Feeling mentally
and physically healthy
Having
fulfilling work
Making a difference
for the greater good
Having close personal
relationships
of millennials take an active
role in their financial lives
report they
feel in control
Yet
only

6. 6
I want to be understood
7out
of 10Millennials say the Great
Recession made them skeptical
of stock market experts
Twice as many affluent Millennials (those with $100,000+ in household
investable assets) are satisfied with their financial life—but it’s still the lowest
point of satisfaction.
Decision-making
perspectives
82%
of men
say they are the sole
household financial
decision-maker
59%
of women
say they are the sole
household financial
decision-maker

7. 7
While Millennials often are
generalized into one group,
there are nuances that require
careful consideration.

8. 8
Millennials reported an admirable
eagerness to invest in ways that
benefit the greater good. But a fair
number also revealed that they are
not yet financially independent—a
hurdle in their altruistic pursuits.
I’m a giver, not a taker

9. 9
86%
of Millennials define
themselves as a giver
(not a taker)
If given
$
1,000to invest, 86% say they would be motivated to
invest in a company that makes the world a
better place with their product.
74%
say it would be easier
to stomach the ups and
downs of investing if the
investments had a positive
impact on the world
42% report that they
regularly rely on others
for financial support
SPOUSE FAMILY
FRIENDS

10. 10
I like going to work every day
The survey showed a modernized definition of success for this generation, centered on
work as an avenue to happiness and fulfillment in addition to financial security.
77%
of employed Millennials
say they are happy to go
to work every day
82%
are confident that their
career will provide them
with financial security
88%
say success at work is
more about happiness
than material prosperity
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11. 11
Millennials are rewriting the
definition of work-life balance
and career satisfaction.

12. 12
The Millennial financial mindset
may be strained by anxieties and
intimidations, but it is uplifted by
a desire to change.
I care about my financial health

13. 13
98%
of Millennials cite feeling
financially secure as
important to their lives ...
... but only
32%
are satisfied with
their financial lives
MostMillennials find basic financial skills intimidating, with the
following top-three intimidators:
69% of Millennials say they
want to get over their anxiety
about money.
Sticking to a
budget
Knowing how to
invest money
Saving for the
future

14. 14
Contact us to access more groundbreaking findings and actionable insights that
help advisors, plan sponsors, employers, and other financial professionals energize
and engage the next generation of wealth accumulators.
Get the tools and insights you need
Call 1-888-877-9275 or visit wellsfargofunds.com/generations
This is only the beginning—
connect with us to get more

15. 15
Wells Fargo Asset Management
Wells Fargo Asset Management, a division of Wells Fargo Wealth and
Investment Management, strives to help clients achieve their financial goals
through top-tier investment options managed by specialized investment
teams that are supported by independent risk management and backed by
superior, collaborative service.
About the survey
The survey was conducted by Harris Poll on behalf of Wells Fargo. Wells Fargo was not
identified as the research sponsor. Between June 16 and June 29, 2017, approximately 1,771
online interviews were conducted with people ages 20 to 36 who met the following criteria:
primary or joint financial decision-maker; U.S. resident or citizen for three or more years; not
employed in market research; and employed, looking for work, student, or stay-at-home
spouse. Roughly 720 interviews were with affluent Millennials (those having $100,000 or
more in investable assets), and roughly 931 were with nonaffluent Millennials. Additionally,
59% of interviewees were female and 41% were male, and 78% of all interviewees were
employed. Data for age, gender, employment status, marital status, household size, region,
and investable assets was weighted where necessary to bring them in line with their actual
proportions in the population.

16. 1. Source: Pew Research Center, April 2017
2. Source: The Brookings Institution, May 2014
3. Source: Accenture Consulting, 2016
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