A popular subject right now is how millennials are spending their money because this generation is just starting to enter its first homebuying period. However, a lot of economists and financial experts have said millennials are bad with their money habits and often have to rely on their parents for financial help, according to The Financial Brand.
However, this might just be a little over blown in the eyes of many young readers out there feeling the pressure to be better with their finances. A new study from Bankrate recently backed up this claim and discovered that of all the generations in the U.S., millennials are the most optimistic group in the nation.
The financial information site explained that it surveyed people about job security, total finances, net worth and savings accounts. Bankrate found millennials thought conditions compared to a year ago have greatly improved when considering financial security. Compared to January 2014, roughly 46 percent of millennial respondents said they feel better about January 2015 in terms of personal finances.
All other age groups did not pass 30 percent, and only 21 percent of those in Generation X felt they had more job security, while 31 percent of millennials believed their jobs were was secure.
Less wealth than parents' generation
Another report on the latest news surrounding millennial finances explained that younger generations have more to manage and less wealth than older generations, which makes it harder to form independent households, the St. Louis Federal Reserve Bank stated.
"Financial well-being early in life... has important implications for lifetime wealth accumulation; recent evidence suggests that today's young adults may have accumulated less wealth than their parents had at the same age," the report stated. "However, because they are still in the beginning of the life cycle, today's young adults may be better equipped to weather economic upheaval than older generations, especially in the long run."
Millennials finding a way
The financial mantra surrounding millennials has been negative because of their different attitude toward finances. According to Time Money, several of those in this young generation link money to success and truly have concerns about how to afford their lifestyles.
No matter what way it's looked at, millennials still find a way to make time for their finances and deem their money as an important part of life. Our financial experts can help millennials make the important financial decisions like buying a house or car. with their finances to make the important decisions like buying a house or car.
For more information on effective wealth management strategies, contact Landmark Bank.
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