To get in the game, some millennials are raiding their retirement accounts for that money, according to a recent report from Bank of the West. The 2018 Millennial Study, released in July, is based on a nationwide survey of more than 600 millennials (ages 21-34). The key findings:
- Three in 10 millennials (29 percent) who already own a home have taken out a loan or withdrawn from an IRA or 401(k) account.
- Two in 10 millennials (19 percent) who plan to buy a home expect to dip into their retirement accounts to fund their purchase.
From Bank of the West