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Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits #infographic

Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits

Millennials break all the cash laws. They spend too much on leisure activities, they don't save enough, they don't understand how to spend, and they're irresponsible financially. These are just a few of the many views about millennials that individuals have. Are these hypotheses right?

Millennials are individuals who were born between 1981 and 1996, also known as Generation Y. They are also called digital natives, growing up during the increase of the internet and other technological advances. But instead of being a nice thing, it adds salt to injury— older generations believe their world revolves around what selfie would make their social media applications look great.

It is understandable why past generations think of millennials in this manner. Baby boomers follow traditional procedures and rigid timelines (e.g. face-to-face meetings, staying for years in their business). On the other side, Millennials use contemporary technology to make them more effective. Baby boomers tend to call it "cutting corners," but it's innovation for millennials. The distinction is just as obvious when it comes to economic mindset and conduct.

According to a latest Bank of America study, 75 percent of millennials admit that they tend to overspend relative to other generations, and 64 percent say their age group is awful when it comes to money management. It's no surprise that older generations call Gen Y the "broke millennials," but what people don't see beyond Gen Y's picture is that 63% of millennials save, and 59% feel financially safe. The number shows that in handling their finances they are just as good (or better) as the older generations, but they don't get enough credit for it.

Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits #infographic


infographic by: www.cashalo.com

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Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits #infographic Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits #infographic Reviewed by Sheraz Malik on September 06, 2019 Rating: 5

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