How Baby Boomers And Millennials Handle Finances Differently
Each generation views money management and understands wealth differently. Baby Boomers and Millennials are both large generations. There are 79 million Boomers and 82 million Millennials in United States. Millennials are people born between 1980 and 2000, while Baby Boomers are the generation born between 1946 and 1964.
Power of spending
According to Cara Newman, editor of Young Money, Millennials have a lot of spending power. She cites a “Generational Media Study” showing that there are 82 million Millennials compared to only 48 million Gen Xers. She suggests that this is the “largest generation of young people since the baby boomers.”
Newman explains, “They already spend $170 billion a year, of their own and their parents’ money. Whether you are interested in marketing to them, managing them or simply getting along with them, it is important to understand a few basic beliefs of the Next Generation.”
The Great Recession
Neale Godfry of Forbes agrees. She observes that the Millennial generation may have more in common with their Great Depression grandparents than meets the eye.
According to a Wells Fargo survey, the effects of the Great Recession of 2008 have affected the generation to a huge extent. Of Millennials, 80 percent say the recession has taught them that they have to save their money “now” in order to “survive” economic problems in the future. While 45 percent aren’t saving for retirement, slightly more than 50 percent are saving.
The difference varies by gender, as 61 per cent of men and 50 per cent of women reported that they were saving. The findings were a part of the “2014 Wells Fargo Millennial Study” conducted online by Harris Poll for Wells Fargo. The survey encompassed over 1,600 U.S. adults aged 22–33 (Millennials) and over 1,500 U.S. adults aged between 49 and 59 (Baby Boomers).
The social media generation
With their smartphones and tablets, Millennials are the first social media generation. They crave genuine networks and interactions with people. Aware of the problems of the Great Recession, Millennials work differently when it comes to their finances. They can build relationships via social media outlets like Facebook and Twitter to cultivate relationships and garner businesses and advice from financial experts.
Retirement
Millennials have already started planning for their retirement. According to Godfry, “If longevity studies prove accurate, [their retirement] will be a lot longer than ours. Here, teaching compound interest is a must. Just $200 US saved and invested per month at 6 percent interest, grows to half a million in 45 years.”
Diversifying your portfolio
Godfry also advises that Millennials learn to invest while they’re young. Learning how to invest also helps them invest with diligence and take calculated risks when it comes to their finances. Of India's 1.2 billion people, approximately half are under the age of 25; that is, over 250 million are categorized as Millennials. One key factor is that Indian Millennials appear to describe more feelings of positivity and neutrality when compared with the two prior generations.
Featured Image: saveup
COMMENTS
YOU MAY ALSO LIKE
-
From North To South London's Award-Winning Bayleaf Restaurant Elevates Indian Cuisine At Whetstone
-
Here's Why I Fell In Love With The Sea Views Of Southampton and Portsmouth
-
Shree Krishna Vada Pav In London Celebrates India's Iconic Veggie Dishes
-
The Pope’s Apology: A Closer Look At His “Pilgrimage Of Penance"
-
Want To Go To Marrakech? This Is What I Did
-
Virtual Pageants Celebrate Inclusivity & That's Why I Love Them
-
Here's How I Spent 48 Fabulous Hours In Lille, France
-
The Dishes At Central London's Mumbai Square Will Make You Want Seconds
-
4 Hot July 2022 Tech Gadgets That You Need Now!
-
10 South Asian LGBTQIA+ Leaders Who Are Using Their Platform To Break Barriers
-
Ganapati Peckham Brings South Indian Flavours To South London
-
Sanaa: This African/Indian Restaurant Is Disney's Best Kept Secret In Orlando
-
Travel: How I Got The Most Of My Weekend In Marbella, Spain
-
Pride Month 2022: This Glossary Will Teach You All The LGBTQIA+ Terms You Need To Know In 2022
-
Platinum Jubilee: How Relevant Is The Queen To South Asians?
-
Pride Month 2022: A List Of 20 Global Resources To Help You Support Your Journey With Your LGBTQIA+ Loved Ones
-
How To Let Go Of The Past And Create The Life You Want
-
Dhamaka In New York City Lets You Explore Cuisine "From The Forgotten Side Of India"
-
Madras Chettinaad Brings The Flavours Of Tamil Nadu To Atlanta, Georgia
-
3 Must Know Signs That A Problem Exists & How To Conquer Them
-
The 4 Hottest May 2022 Tech Gadgets You Need Now
-
South Asian Heritage Month 2022: From LGBTQIA+ Rights To Senior Dating, How Our Culture Is Becoming More Inclusive
-
How To Avoid Turning Your Words Into Weapons When It Comes To Mental Health
-
Looking For A Mindful Coach? Here's How To Spot The Fakers
-
Travel: How To Get The Most From Your Weekend In Budapest
-
Here's How To Break Your Long Term Bad Habits
-
Earth Day 2022: Why Our Lives Depend On The Save Soil Movement By Sadhguru
-
How To Recover From Complex Post-Traumatic Stress Disorder
-
Clean Your Clutter And Add Some Colour For Fresh Spring Vibes
-
Here's How EDMR Therapy Programs Your Brain So You Don't Feel So Helpless
-
Manjal At Canary Wharf Creates Scrumptious Sri Lankan Cuisine
-
How Being Kind Can Significantly Boost Your Immune System
-
How To Spring Clean The Energy In Your Home
-
Here's How To Support Someone Struggling With Depression Or Anxiety
-
This Is The Best Way To Break Up
-
These Are The Reasons Why You Need To Stop Using "Should"
-
We Tell You Why Dr. Monica Vermani’s Uplifting Book “A Deeper Wellness” Is What Your Soul Needs
-
South Asian Dining Elevated Thanks To Madhu's At The Grove In Hertfordshire
-
Broken Heart Syndrome: Tips On How To Detect This Fatal Heart Disease That's Affecting Women
-
How To Tell If You're A Victim Of Gaslighting
-
Give Your Home Splashes Of Periwinkle: Pantone Colour Of The Year
-
Hot March 2022 Tech Gadgets That You Need Now
-
IWD 2022: Refocus Your Finances To Empower Your Most Daring Dreams As A Woman
-
IWD 2022: How Women Can Let Go Of Life's Toughest Burdens & Live Free
-
International Women's Day 2022: ANOKHI LIFE's 15 Most Inspiring South Asian Women
-
3 Ways To Practice Positivity
-
Culinary Delights From Tamil Nadu Is Celebrated At London's Chettinad Restaurant
-
EQ Insights: These Key Steps Will Raise Your Emotional Intelligence
-
Tips On How To Communicate With Your Partner During Challenging Times
-
Veeraswamy Showcases Their Regal Heritage Through Cuisine In London
-
We Tell You Why "Brown Girl Like Me" By Jaspreet Kaur Is Book We've Been Waiting For
-
A Checklist To Show You If You Need A Therapist
