Millenials vs Baby boomers: what is the difference?

[Yorkie11]

Do you think there’s a difference of planning personal finance between the millennials and baby boomers? What is the difference you think?

[Yotamion]

Absolutely!

There are different people with numerous formats of planning their personal budgets. For example, those who we got used to call “Baby boomers” clearly understand the value of money as the source, which can help to purchase anything. However, those who we call “millennials” have absolutely different relationships with the personal finances. According to the statistics, there are around 40% of young people in America, who do not think it is necessary to save money, because they want to live today and now. Moreover, according to the Google Consumer Survey, around 30% of young people do not think they should plan their retirement at all.

[John]

Yes, totally agree.

I think that many young people do not think it is needed to maintain the money savings. The first reason is about their irregularly incomes and revenues. We got used to receive our money every month, but millennials do not want to work on the certain job in large corporation. Such situation means they will not be able to save money regularly as we’ve used to. According to the Google Consumer Survey, around 66% of Americans save from 3% to 10% every month. These are families and people, who are preparing to the retirement.

[Georgie]

Millennials are too lazy to think about serious things like finance.

[John]

I wouldn’t say that, Georgie.

The essential reason why millennials are not good at money savings is about their desire to see the world. Emotions are considered being an essential factor, which helps to form our identity and personality. Young people are facing this need more than the others. It means that they are trying to save money for the particular things, for instance, travelling or other emotions. Today millennials are using technological solutions in their everyday life more than anything.

When they are planning their vacations, they are constantly watching on the mobile applications or desktop solutions, which will help them to plan it. When they want to purchase tickets to some other countries, they use programs and websites, which can help them to maintain this process through the Internet. The same situation is with personal budgeting. If they discover the mobile app, which can probably become a particular helper in the personal finances, they will use it. This insight is popular among companies and agencies, which are working in mobile app sphere.

[Georgie]

The main thing why do millennials need money for is education. Many students nowadays are planning their training period together with parents because with the need to provide the particular sum of money. In this case, they will probably choose an educational loan as the one, which will help them to finish education successfully.

There are different opportunities to take the loan before the start of the program and complete regular monthly payments during the next 5 or 10 years. Numerous local banks provide different conditions and terms. So that millennials will try to do their best to get those money.

[Author]

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