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Millennials and money management are ‘MTSU On the Record’ topic

A recent edition of the “MTSU On the Record” radio program focused on what millennials think about money and how they intend to manage it.

Host Gina Logue’s interview with Don Roy, interim chair of the MTSU Department of Marketing, and Tim Graeff, director of MTSU’s Office of Consumer Research, first aired Feb. 1 WMOT-FM (89.5 and www.wmot.org ). You can listen to their conversation below.

Drs. Don Roy and Tim Graeff

Drs. Don Roy and Tim Graeff

Roy and Graeff collaborated on the Millennial Money Mindset Report for iQuantifi, a Franklin, Tennessee-based financial advice firm.

The company surveyed 500 randomly selected Americans nationwide between ages 21 and 35 online between Feb. 12 and 15, 2015. They’re part of the millennial generation, a demographic that reached young adulthood around the year 2000.

Among its findings: 72 percent of the millennials surveyed said they have financial goals, and the most frequently cited goal is “increase overall level of savings.”

“They tend to want to save money more for what I would consider short-term goals than long-term goals,” Graeff said.

millennnial money management graphic“More of them said they wanted to save money for a vacation than said they wanted to save money for retirement or even for buying a house.”

Only 29 percent of the survey respondents said they’ve sought financial advice from professional advisers. Twenty-three percent said they have used blogs or websites.

“Millennials also exhibit what I would call timeless consumer behavior, and that is relying on good old word-of-mouth communication with friends and family,” said Roy.

You can find the entire report by entering your email address here.

To hear previous “MTSU On the Record” programs, visit the searchable “Audio Clips” archives at www.mtsunews.com.

For more information about “MTSU On the Record,” contact Logue at 615-898-5081 or WMOT-FM at 615-898-2800.

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