While it may be true that Millennials don’t have the greatest financial track record (not saving for retirement, drowning in a sea of student debt, etc.), a recent survey revealed that they may have better spending habits than expected.
According to a survey conducted by GOBankingRates, a significant percentage of Millennials will not risk putting themselves in financial strain just to attend a social event with their friends, and a full 30% have NEVER gone out and spent money with friends if they couldn’t afford it.
“This does not surprise me because Millennials are becoming more practical as they get older, take on more responsibility and have more experience,” Jason Dorsey told GOBankingRates. “While the media may not like this answer because it’s not sensational, I find it a great insight into millennials moving in a direction of overcoming the stereotypes so often forced upon them.”
According to Dorsey, this is a reflection of Millennials’ combination of economic reality and practicality, in addition to their willingness to seek out free events.
Unfortunately, there are still some Millennials who do succumb to FOMO (“fear of missing out”) and turn to credit cards to expand their financial reach. According to the survey, 32% of millennials used their credit card to pay for a social event they couldn’t afford. And while credit cards and maintaining a small amount of debt can be useful financial tools, too many people rely on their credit cards far too often without having the money to back their purchases.
Have you ever spent more money than you were comfortable with in order to attend a social event? Join the conversation on Twitter with @WhatTheGen or @JasonDorsey. And don’t forget to include your #generation!
