Saving for retirement is the top savings goal for 64% of American millenials, says a 2015 survey by iQuantifi, a virtual financial advisor.
Other top savings goals for millennials include saving for a vacation (68%), buying a car (66%), paying down credit card debt (63%) and saving for a house (60%).
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Their biggest challenges to saving include not making enough money (56%), staying on budget (41%), developing a budget or financial plan (28%), managing debt (27%) and understanding where and how to invest money (26%).
The Millennial Money Mindset Survey, conducted in partnership with Middle Tennessee State University, also shows that while 72% of American millennials set financial goals, only 20% have a plan to achieve those goals.
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Additionally, the study reveals most millennials seek financial advice from a family member (71%) or a friend (45%). Only 29% say they have sought advice from a professional, such as a traditional financial adviser.
The survey shows millennials are interested in using online solutions to plan their futures: 76% say they would consider using a free app or online tool to meet their goals. Only 17% indicate they need to meet with a person to be comfortable with the advice.
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The study polled 500 millennials in February.