Millennials Are Better at Doing This One Thing When It Comes to Finances
by Peter Economy, author, Wait, I’m the Boss?!?
It’s true — millennials are talented.
When they’re not being wrongly labeled as lazy and entitled, millennials shine brightly as the tech-savvy, resourceful, and collaborative hard workers that they truly are. There are many things this generation excels at, but there’s one thing they do especially well compared to generations prior: talking about money.
Despite being behind in building wealth in comparison to their elders, millennials are ahead in discussing finances.
A recent survey conducted by Insider and Morning Consult asked 2,096 Americans about their earnings, debt, and financial health. With 670 respondents being millennials (defined as ages 23 to 38 in 2019), the survey revealed that this young generation is much more open about money talk than their parents.
According to the survey, 88 percent of married millennials share how much money they have with their spouse, consistent with the 87 percent of baby boomers who do the same. However, 30 percent of millennials also share their financial info with their friends — a stark contrast to only 9 percent of boomers. At the same time, according to the survey, “25 percent of millennials share financial info with their siblings, but 12 percent of boomers do the same; and 12 percent of millennials talk to their colleagues about money, whereas only 2 percent of boomers do.”
And millennials are also more likely to share financial information with family, with 46 percent talking to their parents about it and 24 percent of baby boomers talking to their kids about it.
So, what, exactly, is the importance of asking about money?
Millennials recognize that being open about finances can bring in a multitude of benefits. According to Greg Heller, founder, and CEO of HCR Wealth Advisors, “Knowledge is power and people tend to feel a huge sense of relief from discussing their situation and possibly fears with regard to money.” When finances are more openly discussed, millennials can make better financial decisions, void serious mistakes, and set realistic goals.
If you’re interested in setting yourself up financially — no matter what generation you belong to — don’t be afraid to ask questions or communicate your anxieties and aspirations. Critical information that can help you is out there, so long as you know the importance of communication.
Peter Economy is the bestselling author of Managing for Dummies (more than 600,000 copies sold globally), Wait, I’m the Boss?!?, and Wait, I’m Working with Who?!? (Career Press, April 2021). He is The Leadership Guy at INC.COM who averages more than 500,000 page views a month for his more than 1,500 columns published to date. He routinely works with C-level executives, executive coaches, and business consultants worldwide. Visit him online at petereconomy.com.