A new study released by Northwestern Mutual finds Millennials are having trouble balancing their long-term finances with their daily life.
The 2017 Planning & Progress Study says overall, 32% of Millennials say they spend their money excessively. That’s compared to 26% for Generation X and just 19% for Baby Boomers.
23% of Millennials surveyed also admitted to hiding purchases from a spouse or partner versus 17% for Gen X and 8% for Baby Boomers.
The study also showed financial planning and decision-making is impact the emotional health of America’s youth with 23% saying financial anxiety makes them physically ill on a weekly or monthly basis.
24% also say financial anxiety affects their relationships with a spouse or partner regularly.
The study was based on an online survey of 2,749 U.S. adults. It was conducted between February 14-22, 2017.