Financial Advice

Are you smarter than a millennial about finances

Millennial’s have a reputation for having the following issues – stagnant wages, increasing student loan debt, fear of the stock market and they have a tendency to overspend on their social lives. Are you smarter than a millennial about finances? Other generations have their own issues with managing their finances. At the present time baby boomers are overly concerned about retirement and whether they will have sufficient money set aside to live a high quality of life during retirement. We decided to compare both ends of the spectrum.

Are you smarter than a millennial about finances?

Millennial’s are demonstrating that they are good in several areas the baby boomers have not excelled in. For example they are creating budgets, tracking to those budgets and following the budget. This is something that boomers are not known for doing.

They are also setting savings goals for everything from retirement, two non-retirement items such as travel, a home, and other things they deem important in their lives.

They are also not afraid to ask for help. If they don’t understand something they will seek advice, usually online and from other millennial’s. The baby boomers on the other hand have traditionally been very independent and avoid seeking advice from professionals.

Baby boomers have a tendency to set retirement goals. They plan to retire in a given or specific time frame in their lives. Millennial’s on the other hand are more focused on ensuring they have sufficient money for retirement. They are willing to work longer to achieve some of their goals.

Bottom line, is that millennial’s are still young and untested as far as life’s challenges are concerned. The big question will they be forever different than baby boomers. Or will they gradually follow the same path as their baby boomer parents and grandparents?

ernie

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ernie
Tags: Millennials

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