Millennials are either impressively optimistic or blissfully ignorant.
More than a quarter of them expect to become millionaires in their lifetimes—even as 46 percent of them still live at home with their parents.
The apparent disconnect doesn’t end there: While 28 percent of millennials don’t have full-time jobs at the moment, and 40 percent still receive financial support from their parents, nearly every one of them expects to buy a home.
Fusion reported Tuesday that the top one percent of millennial income earners took in about $129,000 in 2013. But those were the lucky few; Fusion also reported that some 28 million people between the ages of 18 and 34 neither go to school nor earn more than $10,000 per year.
Among all demographics, black millennials expressed the greatest confidence that they’d reach seven figures, at 46 percent. Men were next, at 38 percent — compared with 19 percent of women. Older millennials (32 percent among those aged 30-34) and college grads (31 percent) also had high expectations of becoming millionaires.
Those beliefs seem to be at odds with a dismal employment situation, even for college grads. Nineteen percent of 18- to 34-year-olds with at least a bachelor’s degree said they still don’t have full-time jobs. Thirteen percent of them have only part-time jobs, and 6 percent are unemployed and looking for work.
The job market appears least friendly for non-white college grads. Nineteen percent of this group said they only had part-time jobs, and seven percent said they were unemployed and looking for work.
Nevertheless, 65 percent of all millennials, and 75 percent of college graduates, said a degree is “worth the expense.”
Fusion’s Massive Millennial Poll surveyed 1,000 people between the ages of 18 to 34, with a general population sample and an overall margin of error of plus-minus 3.1 percentage points. The interviews were conducted via telephone from Jan. 6 to Jan. 11. For more on our methodology and poll results, click here.