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Financial Habits

Financially Savvy: Are Millennials Money Conscious?

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Financial Habits Those born between the early 1980s and the mid-2000s have many names – Millennials, Generation Y, and sadly, some even refer to them as the so-called ‘Laziest Generation’. This clearly explains that they are the most examined generation in history, and for good reason.

New studies indicate, however, that there is a more appropriate term for today’s kids and young professionals: “The Money-Conscious Generation.” The findings revealed that the 18- to 34-year-old group is now better at sticking to monthly budgets and monitoring their expenses.

Changing Financial Habits

Researchers claim that the saving and spending habits of millennials have changed dramatically, as they now understand that they must prepare for retirement. According to an article on Forbes: “When [Millennials] have the means to do the right thing, it appears that they often do. They are exhibiting financial discipline in managing their spending and are defying stereotypes that this generation is prone to spend-thrift, short-sighted thinking.”

Just like baby boomers, however, millennials also make some financial mistakes, but they are aware that they still have room for improvement when it comes to managing finances. Financial experts, such as, have observed that most millennials get personal loans for emergency purposes and strive to repay them immediately to stay out of debt.

Future-Focused Mindset

It’s no secret that millennials struggle financially at some point, but most of them make an effort to resist immediate luxuries and learn how to grow their savings. Borrowing money from financial institutions is fine, as long as one knows the importance of repaying loans right away.

It’s necessary to master basic financial skills to keep debt to a minimum, to get the best deals when shopping, to learn how investment works, to live within means and to save for retirement earlier on.

The latest string of studies about millennials, without a doubt, is surprising yet encouraging.  The younger generation isn’t in such a bad state. They may make money mistakes sometimes, but they know how to bounce back.

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