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

Millennials are breaching all money laws. We spend too much on fun, we don't save enough, they don't know how to invest and they're irresponsible financially. These are just a few of the many views about the millennials that people have. Are these ideas right?

Millennials are people born between 1981 and 1996, also known as Generation Y. They are also known as digital natives, growing up as the internet and other advances in technology increase. But instead of being a nice thing, it adds salt to injury— older generations believe like their world revolves around what makes their social media apps look magnificent.


It is understandable how past generations think to millennials this way. Baby boomers follow traditional procedures and rigid schedules (e.g. face-to-face conferences, for years remaining in their business). On the other hand, Millennials is using contemporary technology to make them more effective. Baby boomers tend to call it "cutting corners," but it's innovation for millennials. The disparity is equally obvious when it comes to economic mindset and behavior.


According to Bank of America's latest study, 75 percent of millennials agree that they prefer to over-spend compared to other generations, and 64 percent suggest that their age group is terrible in money management. It's no wonder older generations call Gen Y the "broke millennials," but what people don't see beyond Gen Y's image is that 63 percent of millennials are saving, and 59 percent feel financially secure. The number shows they're just as good (or better) at managing their finances 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.co

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