According to a survey of 1,911 millennials asked by Acorns, almost 10% of them would! And for only $10,000 of debt clearing too – that’s pretty ballsy.
Of course, that also means 90% of them wouldn’t dare risk it, but that doesn’t make nearly as titillating a blog post ;)
How about you? Would you do it? I asked a similar question last year about taking $1 Million in exchange for a *year* in jail, and just like with that one there’s no way I’d risk it for debt, even if for just a week! I wouldn’t survive a day there.
Interestingly enough, my friends on Twitter had the opposite reaction! Check out this poll I did yesterday, although admittedly I left out the $10k part:
The message is loud and clear – people really hate their debt! Haha… I hope no reality TV producers are reading this right now, because I’m pretty sure they’d have a hit show on their hands and I REALLY don’t want to see how it would play out in real life ;)
FYI: The company behind this report, Acorns, is a fintech app that specializes in helping people invest more automatically and passively in their lives. Long term readers will know I’ve been using them personally for almost two years now, and so far have just over $600 invested simply from rounding up my spare change. It’s a pretty cool app if you’re needing some help in this department: Acorns.com.
Here were a bunch of other juicy stats from their findings too – I can’t resist not sharing :)
“41% of all millennials admit to spending more on coffee in the past year than they invested in their retirement. ”
!!!! I like coffee as much as the next person (in fact, I’m literally sitting inside Starbucks right now drinking a cup as I type this), but man does that sound bad when compared like that. If I guestimate my own coffee expenses here real quick I’d say I spend about $40/mo between take out and brewing at home, which comes out to what, almost $500/year? I’d never retire at that rate :(
(Though to give fair credit to the younger gen – I probably would have answered the same thing depending on when I was asked. So there’s always hope for a great turn around!)
“Most [millennials] are willing to give up the chance to meet their favorite celebrity to pay off debt.”
Umm yeah, I would hope so!!! Haha… Unless you could convince your favorite celeb to meet up AND wipe away your debt at the same time? That would be pretty sweet… If I ever get rich and famous, you have my word that I’ll do this for one of you every single year here on the blog ;)
“70% of millennials anticipate an impact in their finances in the next 10 years due to the new political environment.”
I only got one thing to say about this: Ignore it all. YOU are in charge of your money, no one else!!!
“Almost 75% of millennials do not have a monthly budget, and only 60% have a general sense of where their money goes each month.”
Come on, Mills! I want that to stand for Mill-ionaires as much as I do Millennials – y’all gotta up your game! It’s honestly not that hard once you get going. And here’s a secret: once you wrap your head around it you don’t have to continue tracking every last penny anymore! Just get it all figured out first and wean yourself from there.
“More than 80% [of millennials] don’t follow market trends more than once a month.”
I’m pretty sure this is supposed to be a bad thing, but GOOD JOB!! Continue ignoring it all – it’s just noise. The media is a business like any other, and all they care about is *views* – not your money. It’s fine to check in here and there and be aware of what’s going on around you (especially if you’re passionate about it AND learning), but PLEASE do your best to focus on what’s in your control vs that which isn’t. Just like with TV in general or Facebook/Twitter/social media – if you catch yourself leaving them feeling worse off than when you got there, it’s highly time for a change!
Okay, that’s all the stats for today. If you want to read the rest of the report, you can check it out here: Acorns Money Matters Report™, or hit up last month’s article on some pretty explosive money stats.
They never get old :)
So remember: track your money, invest more, ignore the noise, and whatever you do – avoid jail at all costs! You can’t even read my blog in there!*
*I’m postulating here since I have “sexy” in the blog name, but why risk it and find out? What would you do without BudgetsAreSexy in your life, can you imagine???
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!