A recent study by Harris Interactive reported by eMarketer shows that given the choice between making a big purchase and paying off loans, Millennials would rather do the latter. Harris asked US internet users what they would do if they won the lottery or received an inheritance of $100,000 and found 57 percent of 18-36 year olds wanted to pay off any existing debt or loans if they were to get so lucky.
Millennials also were interested in saving money for a rainy day fund or unexpected expenses (43 percent), but only one-quarter said they would set aside money for retirement. And some still would go for the big purchase: 27 percent said they would buy a house and 25 percent would buy a car.
Millennials biggest financial concerns were paying bills (66 percent) and affording a family. Interesting, high student loan debt landed at the bottom of the list of concerns.