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Financial lessons can be learned from the millennium generation

Financial lessons can be learned from the millennium generation

Financial lessons can be learned from the millennium generation

There are a lot of misconceptions about the millennium generation. Some believe that no financial lessons can be learned from them. Even if you search Google for the words "Millennium Generation" and "Money" you will find dark charts such as:

Sixty-six per cent of the millennium generation has no savings for retirement. (CNN)

The Millennial generation is more vulnerable to loss of money than to the generation of their forefathers. (USAToday)

But this is not always the case. In a new report from the Bank of America, births between 1981 and 1997 found their physical condition similar or almost better than older generations, especially when it comes to money management and career paths.

Sixty-three per cent of the Millennium Generation have savings, 59 per cent feel secure, and 73 per cent have a monthly budget.

The Millennial generation knows their rights to work more than previous generations, and 80 percent of them have asked for salary increases over the past two years and got them.

Disclaimer: These numbers come from the United States of America.

In addition to these figures there is some other information to highlight, a large proportion of the millennium generation have a private home compared to previous generations.

But some women in the millennium generation feel discriminated against in corporate finance than men.

Other details, such as rising house prices and lower average salaries or purchasing power of the currency in this generation as a whole, can be measured in the Middle East.

Without a doubt, every generation has some successful and failed stories, but it seems that the millennial generation started taking on responsibility early, the report said.

But what do the successful generation of the millennium generation do and what the majority of people do?

Technology is the solution
"They automate all operations, savings, investment, credit card payments, etc.," says Peter Faust, wealth adviser at Tanglewood Total Wealth Management, a wealth management company in Houston.

"Those who do a good job do not need to think about it much, technology helps them do it automatically," he said.

Applications deployed on smartphones, such as Mint or Wally, completely changed the game and made those people connected with their budget and savings in a way they had never seen before.

Top 7 Budget Management Applications in 2018

"You can just look at your phone and connect to your wallet in a few seconds," says Suffervord, a marketing and e-commerce expert.

"You can invest any surplus in repaying loans or debts, or you can track the prices of products you consume like coffee. In other words, you are more connected to your money than ever. "

In other words, communication with technology gives us financial lessons in facilitating the handling and management of money in day-to-day transactions.

The older the more mature
"If you were born in 1982 and not 92, you'll be more comfortable with your finances," says Ariane Vogdani, a strategic investment strategist at MV Financial. "You will not go out every night to spend money."

According to a report by the NPD Group, the younger generation of the millennium generation feel more optimistic about the economy in general.

So they spend more money on ready-made foods, in clothing stores, and make-up - for women - than for the older generation.

At the same time, the older generation spends more money when it comes to child-related purchases.

We conclude from this the emergence of a more responsible sense of responsibility in savings and investment behavior between the older millennium generation.

"There is no doubt that generations who deal better with money have reached a point where they focus on buying homes and raising families," Faust said.

New generations can benefit from these lessons and financial lessons.

They listen to their parents and mothers
"There is no secret or genius behind this," says Vogdani. "They did not break a symbol of the market, they did things their parents did before, like saving 10 percent of their income ... Their lifestyle is not far from their potential, Of emergency. Some techniques have changed, but the game is still the same. "

Some young people of the millennium generation may be better at managing their money than even their parents.


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