Millennials Are More Financially Savvy Than We Thought

Millennials Are More Financially Savvy Than We Thought

 

As such, the younger crowd is saving more money at a younger age than did Generation X, the cohort that immediately precedes them, at the same age. Millennials are also, contrary to popular belief, even more inclined to invest in hard assets like real estate than did the Gen-Xers, while also carrying only half the credit card debt.

It’s not all peachy: Millennials are also saddled with the largest amount of student loan debt in history. That sad fact has led to many young adults putting off some of life’s signature events, like marriage and children. But even that dark cloud has a silver lining. Studies show that women who wait to have kids until they hit their 30s earn a lot more money in the job market than do women who have kids earlier. Women who put off marriage see on average over $18,000 a year.

 

As CNBC reports, Millennials are also starting to shake some of the negative perceptions of them in the workplace, namely that they are lazy and entitled. Much of what we older workers have generally seen as laziness is actually a product of technology, with younger workers far more used to the instant gratification of having a smartphone or Google to quickly answer questions rather than going through ponderous research.

 

Again, though, Millennials still face some negative stereotyping in the workplace. Namely that they are in too big of a hurry to advance, often beyond what their experience would justify. But Millennials also came of age during the Great Recession, when jobs were scarce and fought over fiercely. It’s perhaps a bit easier to understand how a young worker had who had to claw their way into a job for which they are likely overqualified would be motivated to move up and make more money to help pay those loans. It doesn’t always make it easier to deal with someone who is half your age acting as if they should be promoted over you, but maybe understanding where they are coming from will ease those tensions just a bit.

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