SAN FRANCISCO, Aug. 2, 2016 /PRNewswire/ — New findings from the 2016 Credit Karma Millennial Report, a study challenging many of the generalizations about millennial spending and saving habits, show that a vast majority of millennials (90 percent) across the country currently own a car or have a desire to own a car. What’s more, despite the increasing prevalence of ride-sharing companies in big cities, the difference between urban and suburban millennial car ownership is small.
Credit Karma surveyed over 1,000 people between the ages of 18 and 34 on car ownership and their plans to buy an automobile. Contrary to common perception, millennials overwhelmingly demonstrated a passion for driving and owning a set of wheels — at least to the extent that they will devote a significant portion of their income to jump on the road. Key findings from the report include:
- More than 90 percent of millennials currently own a car or have a desire to own a car
- Seventy-eight percent of millennials already own a car and the majority (55 percent) bought or plan to buy their first car before their 22nd birthday
- Fewer than eight percent said they did not own or plan to own a vehicle
- Despite the increasing prevalence of ride-sharing companies in big cities, the difference between urban and suburban millennial car ownership trends is only five percent
Millennials across the country have been an active segment of the more than 60 million Credit Karma members who use Credit Karma tools to monitor their credit, find better credit card and loan offers and make data-based financial decisions.
For complete survey findings, visit: Everything You Thought You Knew About Millennials May Be Wrong.
Credit Karma Millennial Report Methodology:
Credit Karma, in partnership with Qualtrics, surveyed 1,016 18 – 34 year-olds between May 25 and June 3, 2016 to ask their opinions on 33 questions. All data was aggregated and anonymized.
About Credit Karma:
Credit Karma’s goal is to save Americans time and money. Through analysis of more than 60 million members’ finances, Credit Karma researches and recommends credit cards, loans and insurance based on each individual’s specific credit profile, drastically simplifying some of the most confusing and tedious yet important tasks in personal finance.
The company started by providing free credit scores to recreate the financial industry around people instead of banks. It continues to expand its completely free offerings including its Credit Score Simulator, credit monitoring and friendly, personalized information to help each person understand and make the most of their individual situation.
SOURCE Credit Karma