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 Millennials are charting unexplored territory as the first generation to 
 plan for financial freedom instead of retirement, according to the 
 latest <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Folui2.fs.ml.com%2FPublish%2FContent%2Fapplication%2Fpdf%2FGWMOL%2FMerrill_Edge_Report_Spring_2017.pdf&amp;esheet=51562179&amp;newsitemid=20170519005091&amp;lan=en-US&amp;anchor=Merrill+Edge%C2%AE+Report&amp;index=1&amp;md5=8dec991ff35d11b2fbce3f8eaf351b02" rel="nofollow" rel="nofollow">Merrill 
 Edge® Report</a>. Sixty-three percent of millennials are looking to 
 achieve the amount of savings or income necessary to live their desired 
 lifestyle, which drastically differs from most (55 percent) Gen Xers and 
 baby boomers who are saving to leave the workforce.
 
 
 The survey of more than 1,000 mass affluent Americans1, 
 conducted between March 21 and April 5, outlines a change in how younger 
 generations define life milestones and what it means to be an adult. 
 When asked about their top priorities in life, millennials were 
 significantly more likely than their older counterparts to focus on 
 personal milestones of working at their dream job (42 percent, compared 
 to 23 percent) and traveling the world (37 percent, compared to 21 
 percent). Today's 18- to 34-year-olds are also far less likely to 
 prioritize traditional life milestones, including being married (43 
 percent, compared to 51 percent) and being a parent (36 percent, 
 compared to 59 percent).
 
 
 "This spring's report shows us even more differences between how 
 millennials and their parents view and save for the future," said Aron 
 Levine, head of Merrill Edge. "Young adults tell us they are willing to 
 do whatever it takes to achieve freedom and flexibility, even if it 
 means working for the rest of their lives. To ensure success, it's 
 increasingly important these younger generations take a hands-on, 
 goals-based approach to their long-term finances and prioritize saving 
 in the short term."
 
 
 Millennials' "fear of missing out" (FOMO) philosophy is also evident in 
 their spending habits, as the majority say they're more likely to spend 
 money on traveling (81 percent), dining out (65 percent) and exercising 
 (55 percent) than saving for their financial future.
 
 
 Savings perceptions versus realties
 
 
 Although 45 percent of millennials consult their parents "always" or 
 "often" for advice on financial matters, perhaps parents should be 
 consulting their children. The report found every generation views their 
 elders as superior savers – 54 percent of respondents say the Greatest 
 Generation does a "very good" job, followed by baby boomers at 45 
 percent, Gen Xers at 19 percent and millennials at only 8 percent, 
 including only 15 percent of millennials themselves.
 
 
 However, when asked how much of their income they save annually, 
 millennials say they save 36 percent more than their generational 
 counterparts, with over one-third of millennials putting more than 20 
 percent of their salary toward savings goals.
 
 
 Overall, 42 percent of respondents are saving less than 10 percent of 
 their salary, and 7 percent don't save at all. This broader savings gap 
 may be the reason why respondents don't feel prepared for life's 
 "what-if" scenarios:
 
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 Seventy-one percent are not very confident they could achieve their 
 financial goals if they were to get divorced, with just 5 percent 
 planning for the possibility.
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 Sixty-four percent say they are not very confident they could be 
 financially successful if they had children, with just 23 percent 
 saving for a family.
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 Forty-eight percent are not very confident they could achieve their 
 goals if they outlived their significant other.
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 Americans agree they could do a better job to prepare for life's 
 surprises. Fifty-nine percent believe individuals in the U.S. should be 
 required to save for their own retirement, and 48 percent feel financial 
 education should be a requirement.
 
 
 The future of investing
 
 
 Innovations in technology have a significant influence on the future of 
 saving, as many Americans increasingly embrace recent industry 
 advancements to make investment decisions and receive guidance.
 
 
 Two in five Americans say they make and manage their investments through 
 an online or mobile portal. One in eight Americans are currently using a 
 robo advisor or would consider doing so in the next year, and this 
 number jumps to 22 percent among millennials. Overall, respondents cite 
 this ability to invest via mobile makes them feel knowledgeable (51 
 percent), empowered (31 percent) and savvy (14 percent).
 
 
 When asked about predictions for the next decade of investing, Americans 
 believe emerging technologies will allow more people to invest (41 
 percent), most investments will be automated (34 percent), and the 
 401(k) account will no longer be the "gold standard" (29 percent).
 
 
 "We're at a pivotal moment in time, when our physical and digital worlds 
 are intersecting more than they ever have before," said Levine. "This 
 growing shift is driving our high-tech and high-touch approach to 
 innovation, and the beauty is that consumers are recognizing that 
 planning for their later years is not a one-size-fits-all process. With 
 new technologies, customers have the flexibility to be hands-on with 
 their investment decisions, while still consulting an advisor to help 
 navigate complexities as their lives change."
 
 
 For more in-depth information about the financial behaviors and 
 priorities of mass affluent Americans, read the entire Spring 2017 
 Merrill Edge Report <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Folui2.fs.ml.com%2FPublish%2FContent%2Fapplication%2Fpdf%2FGWMOL%2FMerrill_Edge_Report_Spring_2017.pdf&amp;esheet=51562179&amp;newsitemid=20170519005091&amp;lan=en-US&amp;anchor=here&amp;index=2&amp;md5=842ce13085b69b9a784c81a0345a8c10" rel="nofollow" rel="nofollow">here</a>. 
 A complementing infographic is available <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.merrilledge.com%2Freport%2Finfographic&amp;esheet=51562179&amp;newsitemid=20170519005091&amp;lan=en-US&amp;anchor=here&amp;index=3&amp;md5=387810e2441759b17232daebb9cf3531" rel="nofollow" rel="nofollow">here</a>.
 
 
 1 Merrill Edge Survey Methodology Convergys (an 
 independent market research company) conducted a nationally 
 representative, panel sample online survey on behalf of Merrill Edge 
 March 21-April 5, 2017. The survey consisted of 1,023 mass affluent 
 respondents throughout the U.S. Respondents in the study were defined as 
 aged 18 to 34 (millennials) with investable assets between $50,000 and 
 $250,000 or those aged 18 to 34 who have investable assets between 
 $20,000 and $50,000 with an annual income of at least $50,000; or aged 
 35-plus with investable assets between $50,000 and $250,000. For this 
 purpose, investable assets consist of the value of all cash, savings, 
 mutual funds, CDs, IRAs, stocks, bonds and all other types of 
 investments excluding primary home and other real estate investments. We 
 conducted an oversampling of 300 mass affluents in the following 
 markets: Los Angeles, Dallas, South Florida, Chicago, Atlanta, and 
 Phoenix. The margin of error is +/- 3.1 percent for the national sample 
 and about +/- 5.6 percent for the oversample markets, all reported at a 
 95 percent confidence level.
 
 
 Merrill Edge Merrill Edge is a streamlined investment service that 
 provides access to the investment insights of Merrill Lynch and the 
 convenience of Bank of America banking. With Merrill Edge, clients can 
 view their Merrill Edge investment and Bank of America bank accounts on 
 one page online. They also have access to easy-to-use tools, actionable 
 insights, one-on-one guidance and competitive pricing for online trades.
 
 
 Bank of America Bank of America is one of the world&#39;s leading 
 financial institutions, serving individual consumers, small and 
 middle-market businesses and large corporations with a full range of 
 banking, investing, asset management and other financial and risk 
 management products and services. The company provides unmatched 
 convenience in the United States, serving approximately 47 million 
 consumer and small business relationships with approximately 4,600 
 retail financial centers, approximately 15,900 ATMs, and award-winning 
 digital banking with approximately 35 million active users and more than 
 22 million mobile users. Bank of America is a global leader in wealth 
 management, corporate and investment banking and trading across a broad 
 range of asset classes, serving corporations, governments, institutions 
 and individuals around the world. Bank of America offers 
 industry-leading support to approximately 3 million small business 
 owners through a suite of innovative, easy-to-use online products and 
 services. The company serves clients through operations in all 50 
 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico 
 and more than 35 countries. Bank of America Corporation stock BAC 
 is listed on the New York Stock Exchange.
 
 
 Visit the Bank of America newsroom for more <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fnewsroom.bankofamerica.com%2F&amp;esheet=51562179&amp;newsitemid=20170519005091&amp;lan=en-US&amp;anchor=Bank+of+America+news&amp;index=4&amp;md5=b2cf0900583b23f9372e3ef7202d7974" rel="nofollow" rel="nofollow">Bank 
 of America news</a>, and click <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fnewsroom.bankofamerica.com%2Falerts&amp;esheet=51562179&amp;newsitemid=20170519005091&amp;lan=en-US&amp;anchor=here&amp;index=5&amp;md5=0f14d2e37c9acdfff5665b38f71929d4" rel="nofollow" rel="nofollow">here</a> 
 to register for news email alerts.
 
 
 <a xmlns="http://www.w3.org/1999/xhtml" href="http://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.bankofamerica.com&amp;esheet=51562179&amp;newsitemid=20170519005091&amp;lan=en-US&amp;anchor=www.bankofamerica.com&amp;index=6&amp;md5=82a2aad68cfc81b56ad79a2407387fef" rel="nofollow" rel="nofollow">www.bankofamerica.com</a>
 
 
 Neither Merrill Lynch nor any of its affiliates or financial advisors 
 provide legal, tax or accounting advice. You should consult your legal 
 and/or tax advisors before making any financial decisions.
 
 
 Banking products are provided by Bank of America, N.A., and affiliated 
 banks, Members FDIC and wholly owned subsidiaries of Bank of America 
 Corporation.
 
 
 Merrill Edge® is available through Merrill Lynch, Pierce, Fenner 
 &amp; Smith Incorporated (MLPF&amp;S), and consists of the Merrill Edge Advisory 
 Center (investment guidance) and self-directed online investing.
 
 
 MLPF&amp;S is a registered broker-dealer, Member SIPC and wholly owned 
 subsidiary of Bank of America Corporation.
 
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 Investment products:
 
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 Are Not FDIC Insured
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 Are Not Bank Guaranteed
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 May Lose Value
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 © 2017 Bank of America Corporation. All rights reserved.
 
 
 
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