‘Just A Matter Of Time’ Before Economy Tanks, Affluent Millennials Say

Affluent millennials, part of the nation's largest generation that grew up in the shadow of the Great Recession, see another market meltdown in their future.

Nearly eight out of 10 (77 percent) of millennials who have either $50,000 in assets to invest or $100,000 in individual or joint family income say "it is just a matter of time before the bad behavior of the financial industry leads us into another global financial crisis," according to a new "Millennials with Money" survey released Tuesday by the financial services team at Edelman, a communications marketing firm.

The dark outlook – which includes 75 percent who fear a hack of the global financial system that will put their personal information into the hands of cyber thieves – collides with a more upbeat view when it comes to how they perceive their personal financial preparedness. Eighty-one percent consider themselves "financially successful" and think they will have more success than their parents when it comes to money, the survey found.

Still, this sliver of the younger generation known for its skepticism of financial institutions also believes the system is stacked against them. More than three out of four (77 percent) agreed that "the whole financial system is designed to favor the rich and powerful at the expense of ordinary people like me." And 80 percent said they are "suspicious of recommendations" made by advisers, brokers and other financial professionals who make commissions.

Gloom and doom aside, however, the affluent millennials surveyed – 76 percent who have children and 84 percent who own homes – are making increasingly responsible financial decisions.

More than half (52 percent) have an emergency fund that covers six months of living expenses, 46 percent have written a long-term financial plan, 45 percent are maxing out 401(k) contributions, 62 are covered by life insurance and 38 percent are saving for their kid's education, the survey found.

Still, 54 percent of those struggling with financial decisions say thinking about money "makes them stressed and anxious."