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Illustration: Sarah Grillo/Axios

A majority of millennials feel behind financially and are not optimistic about their financial future, according to a new survey from Bank of America.

Why it matters: Millennials are nearly twice as likely as baby boomers to worry often about their finances. Homeownership tops the list of anxieties — 20% say not being able to afford a home is the top financial stressor.

Of millennials with savings, 32% are saving to buy a first or different home.

  • Younger generations prioritize homeownership even more: 41% of Gen Z and 40% of younger millennials are saving to buy a home.

Yes, but: Debt is a big hurdle. Excluding home loans, 16% of millennials owe $50,000 or more. 42% say debt is keeping them from buying a first or nicer home.

That's forcing a practical mindset, per the survey.

  • 82% would rather buy a smaller, more affordable home.
  • Single millennials are more likely to choose to fund a down payment on a home (82%) over having their dream wedding (12%).
  • When asked what they would be most likely to do with a $10,000 windfall, 40% would pay down debt, with 20% saying they'd put it toward a new home or invest in their current home.

One surprising thing: One-quarter of millennials have at least $100,000 in savings, which is a 16% increase from two years ago, per the survey.

Go deeper: Millennials are re-landscaping the housing market

Go deeper

Fed revamps rules for officials, restricts trades after controversies

Federal Reserve Chairman Jerome Powell. Photo: Kevin Dietsch/Getty Images

The Federal Reserve on Thursday announced significant changes to its rules regulating officials' financial activities following controversy last month over some officials' past trading practices.

Why it matters: The rule revamp is a coda on the biggest scandal to hit the Fed in recent memory.

Texas urges Supreme Court to leave abortion ban in place

Photo: Emily Elconin/Bloomberg via Getty Images

Texas on Thursday asked the Supreme Court to keep in place a law that bans abortions after an embryo's cardiac activity is detected, which can be as soon as six weeks and before many people know they are pregnant.

Driving the news: Texas Attorney General Ken Paxton is asking the high court to ignore the Justice Department's emergency request that they temporarily block the law while federal courts consider its constitutionality since it "lacks standing because it has not been injured by SB 8."

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.