To believe the stereotypes would be to believe Millennials are self-absorbed, materialistic, freeloaders with a skewed perception of reality when it comes to money.
But the truth is 22- to 37-year-olds today seem to have pretty solid financial goals—such as contributing to a 401k.
More than half say they are just as focused on saving for the future as they are on covering everyday expenses, according to recent research from Fidelity.
And an even higher number think saving for tomorrow is equally as gratifying as treating themselves today.
In fact, when asked to name their No. 1 financial priority, a third of those surveyed say building up their retirement account tops the list.
Only two responses were (slightly) more common: paying living expenses (38 percent) and saving for emergencies (34 percent).
“There are a lot of assumptions that Millennials only live in the moment, but our research debunks that—they are balancing their current health and happiness with their financial futures,” Brooke Forbes, senior vice president of Digital Planning and Advice at Fidelity Investments, said in a statement.
That’s not to say being financially responsible comes easy to the cohort—especially considering how entrenched they are in social media.
Bearing witness to their friends’ activity on Instagram, Snapchat and so on has driven around one in five to splurge on something.
The majority say social media negatively impacts their financial well-being, and they don’t understand how people in their network afford their lifestyle.
“This isn’t a new concept; it’s the old mentality of ‘keeping up with the Joneses’. But given the different ways we all stay connected with family, friends, casual acquaintances and even celebrities, the Joneses have multiplied,” added Forbes. “Today, we’re hyperaware of what others are doing—although it can be through a filtered lens of their choosing. Millennials deserve some credit: many display strong financial habits, despite the magnified temptations they face daily thanks to social media.”