The news: After facing early-career challenges from the Great Recession and then the pandemic, many millennials are now wealthier than previous generations were at the same age. But a significant number remain anxious about their financial future and worry that their wealth could disappear, per The Wall Street Journal.

How we got here: The definition of “financial success” is changing for some millennials, as they’ve had to put their dreams of homeownership on hold. Some are measuring success by other means—such as the ability to travel and rent a nice apartment—rather than the traditional markers of home ownership, two cars, and children.

According to The Wall Street Journal, 69% of millennials feel that achieving financial success is harder for them than it was for other generations. This may be partly due to the high expectations instilled during their childhoods—which were relatively free from economic crises and full of optimistic messaging, per Newsweek—being challenged by economic setbacks.

Why this matters for banks: Just as Gen Zers feel they need to earn a whopping $587,800 per year to achieve financial success, millennials may need a reality check from their banking providers so they can productively work toward their financial goals. For example:

• Banks can help millennials move forward with their homeownership goals with more flexible mortgage products that may be more accessible than they realize.
• Millennials are much more likely to go straight to their banking provider for financial advice compared to younger generations. They’re receptive to expert guidance and personalized savings strategies that can boost their confidence about their financial futures.
• Many millennials are getting married and having kids and likely feel even more behind financially than their peers. They could benefit from products that help keep their families in good financial standing.