You Might Be Surprised at What Millennials Consider a 'Life-changing' Amount of Money (Video)
How much money would change your life?
According to a survey from OnePoll and Self Lender, the average American considers $19,800 the amount of money they would need to turn their life around in 2019. But for the average millennial (those now aged between 19 and 39), they would only need to be given $5,000 for them to consider that amount of money life-changing.
If handed that life-changing amount, very few respondents said that they would splurge on a vacation or a new car. Instead, 51 percent of respondents said they would put that chunk of change immediately into a savings account.
The other most common responses were very practical. Thirty-one percent of respondents said they would use the money to pay off credit card debt, 30 percent would start a business, and 27 percent would put the money in a retirement account.
However, millennials have very different intentions for their desired money. More than one-third said they would use a large sum of money to pay off medical bills. Of all the millennials surveyed, they responded that they spend an average of one-fifth of their income paying off debt, be that from student loans or other.
The good news is that most Americans (67 percent) consider it entirely possible they’ll get their life-changing amount of money within the next five years through investments, saving, and pay raises.