Travel is also a top priority for millennials and they know their way around the credit card rewards game. About 16% make it a priority to apply for credit cards with big mileage bonuses; 7% use their status from premium credit cards for hotel upgrades; 7% use airline miles to fly business class; 7% hire local guides while traveling; and 6% use premium cards for free lounge access.
Varo Money’s Love & Money survey also found a full three-quarters of millennials agree that there are financial benefits to being in a romantic relationship, including: living with their partner means cheaper rent (44%); they help each other strategize in their careers (37%); cooking for two is cheaper (26%); they pay fewer taxes as a married couple (22%); going on fewer dates saves them money (16%); and a partner makes them look good at business events (6%).
More than two-thirds of millennials say they are “hands-off” with their personal finances: they check their bank balances regularly and have a general idea of how much they can spend each month but don’t categorize their spending in Excel or Mint or follow a category-based budget.
Just because they are spreadsheet-averse, however, doesn’t mean they aren’t interested in saving: fully half automatically save a percentage of each paycheck. Another 39% are looking for a higher-paying job to facilitate saving, and 36% make coffee at home instead of buying lattes.
Other tactics for getting ahead include going to grad school (13%) and giving up avocado toast—a sacrifice more easily made by millennial men (11%) than women (3%). Millennial men are also more willing to sacrifice romance: 6% say they’d be willing to marry up to save some money.
What are they saving for? Property, clothes and cars: 27% are saving for a place of their own; 12% of millennial women are saving for a new wardrobe; and 11% of millennial men are saving for a luxury car.
When asked what they would purchase with $2,000 if they could only spend it on one thing, a quarter said plane tickets. Fifty-eight percent also named travel destinations as their favorite topic of conversation. This was followed by: sports (38%); best cocktail bars (19%); summer fashion (12%); and beard trends (6%).