A new survey shows that when it comes to money and finances, Millennials might have a better handle on things than their parents’ generation.
A recent poll conducted by the Bank of America found that Millennials outscored Baby Boomers in almost every aspect of personal finance, from savings and budget awareness to the overall degree of financial security.
Millennials ask for raises more than other generations.
The poll found that almost half of the Millennials surveyed asked for a pay raise in the past two years, and 80% of those who asked for a raise got one. Gen X, on the other hand, lags behind Millennials by a full 10 percent—even though they are mid-career.
It’s also important for employers to note that many Millennials entered the workforce during a severe economic recession. The survey found that one in four Millennials has been laid off. Seeing Millennials in this context can help explain why many hop from job to job.
If you are like so many other employers who have a revolving door of Millennial workers, check out The Center’s research on Millennials in the workplace here.
Millennial parents are more cost-aware about having children.
Thirty percent of Millennials said that money played a major role in their decision to have kids. In contrast, only 22% of Gen X and 9% of Baby Boomers said the same. In fact, 27% of older Millennials have already started saving for their children’s education, despite the fact that many are still paying off their own student debt.
“Millennials get older and wiser due to their age and life experience,” Jason Dorsey, president of the Center for Generational Kinetics, told Observer. “They certainly have more experience, and there is greater responsibility and less sympathy for them making poor financial decisions.”
While it’s true that Millennials are putting off big purchases and big life milestones until later in life, their knowledge of finances cannot be underestimated.
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