A study carried out by Merrill Edge has found that 46 percent of young people aged 18 to 34 would spend their money on trips away rather than save for a house or a car.
However, it was also revealed that millennials are happy to make a sacrificial day-to-day financial decisions, with 38 percent of people saving more than half of their pay check or cutting back on going out (54 percent). And millennials think they are much more financially conservative than their friends (64 percent), siblings (62 percent) and even their significant other (57 percent).
Aron Levine, Head of Merrill Edge, said: "As younger generations continue to change the game in the short term, the definition of success appears to be evolving for all Americans in the long term. We learned that success is no longer defined as a monetary amount. When defining success, most Americans place greater value in helping family members and making an impact on their communities.
"And as we near the decade mark since the start of the Great Recession, Americans overall appear optimistic about their financial futures, feeling more responsible, forward-looking and successful about their investment decisions than they were 10 years ago. Perhaps due to a decade of recession lessons coupled with technological advancements and a growing economy, Americans are unified in thinking success and even wealth are in the cards for them.
"At Bank of America and Merrill Edge, we recognize the world is changing and the path to financial freedom is different for everyone. Our purpose is to help make financial lives better, empowering our clients by providing advice, services and solutions tailored to their full financial needs and aspirations."