Survey: more than half of millennials think they'll be millionaires

Posted at 6:47 AM, Jun 14, 2018
and last updated 2018-06-14 13:15:24-04

Many people dream about becoming a millionaire, but a new survey shows many millennials actually think they will be one.

The survey asked around 1,500 American millennials at what age they thought they’d hit millionaire status. 53% believe they will become millionaires in their lifetimes, with 7% expecting it to happen by age 30; 19% predicted age 40; 16% said age 50 and 7% of people thought they’d be millionaires by 60 or later. Four percent of millennials are already millionaires.

While the average millennial thinks they'll retire at 56, 28 percent don't think they'll ever retire. 

The millennials who are saving money are saving for a vacation and an emergency fund.

Six percent aren't saving any money.