You know the stereotypes.
Millennials are lazy. Millennials are entitled. Millennials are self-absorbed. Millennials are savers? Wait. What?
That’s right. Millennials are savers.
And there is more. The generation burdened by student loan debt is starting to get a few things right with their finances.
A recent study revealed that some of the financial stereotypes placed on Millennials are wrong. In fact, in some cases, they are making better financial decisions that other generations.
Here are 5 money decisions Millennials are getting right:
- They are saving. Six-three of Millennials said they are setting aside a portion of their paycheck for savings. This is on par with Gen Xers (64%).
- They have savings goals. Financial goals are important. Fifty-seven percent of Millennials reported that they have identified savings goals. This is higher than both Gen Xers (42%) and Baby Boomers (42%).
- They are budgeting. Millennials (54%) are planning their monthly expenditures. This is comparable to both Gen Xers (54%) and Baby Boomers (57%).
- They are preparing for their children’s college. Millennials have been known for their starting college savings earlier than any other generation. In part, because they understand the rise in tuition better than most. Twenty-seven percent of older Millennials are already saving for their child’s college.
- They are actually pretty self-critical. While Millennials are doing well in some areas of their finances, they still have financial struggles. And they admit it. In fact, hey agree with some of the negative stereotypes. Millennials think that their generation spends too much on unnecessary items (73%) and does not manage money well (64%).
Millennials are starting to mature. And it looks like their financial decision-making is starting to as well.