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 violating all the laws of money. We spend too much on fun, we don't save enough, they don't know how to invest, and they're financially irresponsible. These are just a few of the many opinions that people have about the millennials. Such theories are correct?

Millennials are individuals born between 1981 and 1996, also known as Generation Y. They are also known as digital natives, growing up as the internet and other technological advances increase. But rather than being a nice thing, it adds salt to injury— older generations feel their world revolves around what makes their social media apps look great.

How past generations speak of millennials in this way is understandable. Baby boomers follow traditional protocols and strict schedules (for example, face-to-face conferences, remaining in their business for years). On the other hand, to make them more effective, Millennials use contemporary technology. Baby boomers tend to call it "cutting corners," but for millennials it's creativity. When it comes to economic mindset and behavior, the difference is just as evident.

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

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