Millennials and Money: A Look at the Financial Attitudes of a Misunderstood Generation
It is fair to say that world is a different place in a variety of ways compared to how it was for previous generations of young adults, and many observers suggest that the so-called millennial generation has created their own set of rules when it comes to money. Getting married, buying a home and starting a family used to be the benchmarks of how your life was progressing and how successful you have been, but millennials are perceived to work to a different set of financial rules and life goals, the question is just how different is this generation? Here is a look at what millennials think about money and how their attitude and outlook differs from previous generations. There is an insight on their career aspirations, their attitude towards credit, and what they think about traditional banking.
Different career goals
Life revolves around money to a certain extent and you need to earn enough money to be able to pay for all of the things that you want to do now and in the future. The perceived wisdom in the past has invariably been to try and build a career and work your way up the corporate ladder to a well-paid position that comes with a bit of status attached to it. Millennials don’t appear to hold those same aspirations and career goals it would seem.
There are a number of different surveys around that strongly suggest millennials are far more interested in starting their own business and taking an entrepreneurial route to financial success than trying to work their way up to CEO in someone else’s business. This different attitude would also suggest that this is a generation that not only has an alternative outlook towards how they earn their money but their relationship with it as well.
An era of credit
There are many different credit cards available today in comparison to the credit options available to previous generations and millennials are renowned for taking what is available to them. Sites like http://creditcardsforfaircredit.co illustrate the point when it comes to credit card options, but what is definitely noticeable about the majority of millennials is that they are quite prepared to shop around and don’t feel any sense of loyalty towards any one card provider or bank. There might be a stack of cards in their wallets but they are quite prepared to ditch them for another if there is a better deal to be had.
A different attitude towards banking
Another notable difference is that many millennials are doing their banking without a bank. What this means is that the rise of mobile banking has only helped to strengthen this generation’s view that traditional banking doesn’t offer them anything of significant value and even that it is a relationship that will be obsolete in the future. Of course they are still banking, but not in the traditional sense. Millennials are far more likely to be using an app on their mobile phone to move money around and pay for things than go anywhere near a bank building, and there are going to be plenty of this generation who will have never set foot inside a bank. Naturally, not every millennial will be the same, but the majority of this generation are helping to set new trends in banking and how we earn our money, as well as what we do with our lives.
Katherine Buckley is a personal finance consultant who shares her insights and tips concerning personal finances around the internet.