Millennials and their complaint of “never having any money” are two parts of a phrase that has been used more consistently than one would like to admit. If truth be told, it is not their fault. They’ve definitely been given the unpleasant end of the stick; too many of them for jobs that simply aren’t available – so they settle for a mediocre one to avoid going completely broke – only to pay back huge loans and maintain being a responsible adult.
While the more popular picture depicts millennials to be “partiers” –literally spending every paycheck they get on gallons of fun, a survey conducted by Consumer Federation of America suggested that millennials are actually showing healthy trends when it comes to savings; almost half of them state having a proper savings plan (for a specific goal) and spending plans. Two-thirds have even placed accommodations to deal with emergencies and/or unexpected expenses – up from 53% last year.
Financial specialists have speculated that the drive behind the recent this trend is due to the millennials learning from the disastrous recession of 2008. Families that struggled during this time could have surely dealt with it in a better fashion if they had proper savings in place – and the millennials understand this and are preparing for it. Plus, a good portion are entering their 30’s – an age where many start families and begin becoming drastically more responsible as humans beings (in general).
Whatever the reason may be, we would like to see this trend continue to grow!