Christopher Allen: January 30, 2018

New Bank of America Survey:

In San Diego, Millennials See Jobs as Top Draw, Housing Costs as Major Downside

Christopher Allen

Director of Consumer Banking, Bank of America

 

As local housing costs soar, millennials in San Diego are feeling the pressure. According to the new Better Money Habits® Millennial Report to be released on January 30, the majority of San Diego millennials say housing costs are their top obstacle to financial freedom. Still, millennials say they are drawn to San Diego’s job market (much more so than their national peers are in their respective cities) and are finding ways to save and budget despite the high cost of living here.

According to the report, which surveyed millennials nationwide (age 23 – 37):

  • Sixty-eight percent San Diego millennials say housing costs are their top obstacle to financial freedom, followed by day-to-day living expenses (61 percent).
  • Fifty-three percent say employment opportunities is a top benefit to living in the city, compared to 39 percent nationally.
  • The majority (61 percent) of San Diego millennials are saving – on par with millennials nationally (63 percent). But they have less stashed away: about a third (35 percent) of millennials in San Diego have $15,000 or more in savings, and 8 percent of millennials in San Diego have $100,000 or more in savings.
  • Sixty-seven percent of San Diego millennials budget, versus 54 percent nationally.

Beyond daily money management habits, the report also further explores careers and millennials’ approach to family finances.

 

For more information please visit:  www.bettermoneyhabits.com    

 

MORE ABOUT CHRISTOPHER ALLEN:

Christopher Allen is the Region Executive for the So-Cal/Arizona Registered Team. In this role, Christopher is tasked with the enhanced delivery of the bank’s deposit and credit products, alongside the diverse solutions within the Merrill Edge platform, by our team of Financial Solutions Advisors.  Mr. Allen is a representative on the San Diego executive leadership council and also serves as the Executive Sponsor for the Diversity and Inclusion network of Orange County, Inland Empire and San Diego. Christopher is also active in HOLA, ALN and MSAG as both a sponsor and a mentor.

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