It’s Time to Rethink Your Perceptions of Millennials’ Financial Knowledge

Recent studies have shown that millennials actually like saving money…and they’re good at it. That’s right, you read that correctly: studies have shown that millennials are actually doing something right. Baby boomers in Utah and all across the U.S. will be shocked to know the results of a recent study of this demographic.

From Utah to the East Coast, millennials endure criticism and harsh feedback from generations above them—and now, these older generations are in for quite the financial wake up call. 

“Millennials don’t understand the value of hard work and making a living.” Many millennials have heard others say something along these lines and roll their eyes. Parents and other millennial critics could not be more wrong here. Sure, millennials have have online loans to pay off, beginner’s salaries and the stresses of entering into “the real world,” but they’re not in as bad of shape as their critics frequently assume they are. 

Over recent months, an online survey was conducted that analyzed the financial habits of both millennials and baby boomers. People all over the U.S. participated in this online study, from desert states like Utah to coastal regions on the East and West Coasts. The millennials’ responses to this survey were unexpected and very impressive. 

 According to T. Rower Price’s study, millennials have remarkable spending and saving habits in comparison to those of baby boomers (even when accounting for student loans). This is without a doubt shocking news to the older generations who have doubted any potential of millennials.

The study shows that even with many of these individuals paying off online loans, saving for retirement and paying down debt are still top priorities to millennials.  A surprising find from this study is that 74 percent of millennials who participated in the study said they would rather save or invest their money than spend it. Many millennials even participate in auto-enrollment with a 401(k) plan. 

An even more surprising result from this study shows that most millennials are in a better financial spot than their parents were when they were their same age. Take that, Mom and Dad! 

It’s always advantageous to think and plan ahead. Millennials in Utah and across the nation recognize the importance of planning ahead they and act on it. 

There is no better way to brighten a millennial’s day than to let them know they’re extraordinary savers. Even with the stresses of loans and sometimes working multiple jobs, this study has shown that overall, millennials are fiscally impressive and could even be considered financial role models. 

Jordan Lee is a finance writer reporter for Fusion 360, a Content Marketing Agency. Information provided by Quik Check Financial.