As a fellow millennial I will be the first one to admit that I think this generation is slacking when it comes to money smarts; but I do always like to be proven wrong and I now have been. According to Bank of America’s Better Money Habits Millennial Report this generation is doing just fine; maybe even better than previous generations when it comes to managing money.
Comparisons with Millennials (23-37 years old), Gen-X (39-53) and Baby Boomers (54-72 years old)
- While 63% of Millennials are saving money, within the Gen-X theres only 1% more people saving and Baby Boomers are saving 12% more. This is great for Millennials to acknowledge that as a whole, the generation is doing almost as well as their parents with saving money.
- Budgeting might be what many people say that Millennials downfall is, where in reality we are tied with Gen-X on the percentage of people budgeting and Baby Boomers are 3% better. Budgeting is the key to success in my opinion; if you do not know how to budget you will never be financially wise.
- What about having financial goals? Goals are vital for success financially and guess what 57% of Millennials have goals compared with Gen-X and Baby Boomers are tied at 42%. You would think that these other two generations would all have financial goals since at some point do they not want to retire or maybe send their children to college? Without a goal it will be more difficult to come to fruition.
- 59% of all Millennials feel financially secure; which personally I feel is not necessarily a good thing since sometimes this feeling is a false positive. As for Gen-X 54% feel financially secure and 63% of Baby Boomers do. This is interesting information since what does this really mean? Are Millennials actually financially more secure compared to Gen-X or are Millennials heads in the clouds about their security?
Where you just as surprised as I was about Millennials and their money habits? If you would like to read the full report on Bank of America’s site, follow the link here.