Article Review: Millennials: The Money-Conscious Generation?
Yes! Yes! And again I’ll say Yesssss! Forbes hit the nail on the head with this one and I appreciate the solid representation of my financial habits as a millennial.
If I can take a moment to acknowledge this awesome statement by Emily Pachuta, head of investor insights at UBS:
“They have a Depression-era mindset largely because they experienced market volatility and job security issues very early in their careers, or watched their parents experience them, and it has had a significant impact on their attitudes and behaviors.”
She simply gets it. As a millennial, I need society, companies, family, friends and whoever else to understand that there are so many forces at play influencing how my generation operates – and financial habits are of no exception. While yes we want to live life to the fullest with no regrets, it doesn’t change the reality of massive student loan debt, the pressure to save for retirement (since social security won’t be an option ), and even the basic desire of wanting to live a better life than our parents did.
So yes, at 23 I stick to a strict budget. I save towards my 401K and take advantage of my employer’s awesome match program (because Who doesn’t want free money?!). I’m careful to not make the same financial mistakes my parents made. I hang out with friends and even take vacations to travel when its affordable.
There is a balance between living a purpose-fulfilled life while not digging yourself into a financial hole and we millennials are showing them how it’s done! Kudos Maggie McGrath for sparking the conversation. I’ve posted some highlights from the article but definitely check it out and let me know your thoughts! #MillennialMoney
88% of Gen Y respondents said they are pretty good at living within their means75% of millennials track their expenses carefully (vs 64% Boomers)67% of millennials stick to a budget (vs 55% Boomers)40% of millennials have increased their 401(k) contributions in the past 12 months (vs 21% Boomers)