Unfortunately, millennials have faced tough times when it comes to finances. They were just getting started in monetary endeavors during the market crashes of 2008 and not only faced personal repercussions but additionally watched their parents and families suffer. Due to the rollercoaster the economy has seen during the twenty-somethings’ lives, many face fears when it comes to making large investments and are hesitant in contributing to markets outside of their own personal finances. It is important that generations before them help to guide this group of young adults and show them that finances aren’t scary, but are merely just another aspect of life.
In an era where information and materials are obtained instantaneously, Millennials have set high expectations for their finances. It is important to continue instilling a positive mind frame in regards to saving for the future as many young people (maybe not those in the workforce) still believe in instant gratification by spending money as it comes their way. Studies reported by the Huffington Post share that similarly to generations prior to them, millennials rank finances as the most important facet of a job. On the contrary, they prioritize family and friends as the most important facet of life, where older generations felt as though successful careers ranked as the highest priority.
With financial stability being a large component of a millennial’s lifestyle, questions of their motivation come to light. In a survey conducted by T. Rowe Price, it was discovered that 75% of millennials have become conscious of their spending habits and remaining within a set budget. In the same survey, 64% of Baby Boomers acknowledged that their spending habits were unstructured and not closely monitored. Many believe that the millennials are scared from the ramifications of the Great Recession, therefore have more of an inclination to be aware of their financial bearings.
A shift in priorities has given the millennial generation larger obstacles to overcome, with standards set even higher. Though money still remains a driving factor in life, as it has for previous generations, fear has never come in accordance with financial responsibilities as it does for today’s young adults. As unpredictable as the economy is, millennials continue to prove their desire to learn from their parent’s hardships and pursue making the best possible life for themselves.