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Despite the financial burdens and other obstacles millennials face, they are eager to use life experiences to pursue financial independence. The impact of the Great Recession, combined with insights from their parents, play a significant role in how millennials manage their own financial lives, according to the Bank of America Year-End Millennial Snapshot.

Bank of America evaluated data from more than 3,500 millennials across seven studies throughout 2015 to better understand how this generation is redefining its financial priorities and spending habits, in addition to learning what influences their financial behavior. The snapshot of data includes research from:

“The events taking place when millennials were coming of age are visibly impacting their financial decisions and behaviors. This will be especially apparent as they become the money managers for their households,” said John Jordan, Client Experience and Programs executive for Preferred and Small Business Banking at Bank of America.

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