EDITOR'S NOTE: According to a new survey, Millennials (GenY) and GenZ are the generational youngins most likely to thrive economically as compared with their Boomer and GenX elders. The younger generations are also the most fearful of their economic prospects while being, ironically, most confident in their ability to manage money. It’s interesting to note how brokerages with a “democratize finance” theme are targeting both Y and Z against a long-standing Boomer and X “anti-democratization” regime (courtesy of the Federal Reserve). It also demonstrates the value of fear to survival. Not that we GenXes were a bit too slack or Boomers a bit too confused (you can blame the 60s) but the challenges facing Y and Z are arguably a bit more daunting. Here’s a deep data dive into the mentality of these two seemingly “bullet sponge” generations.
New survey reveals that 3 in 10 people would give up bedroom romps for the ability to retire today!
NEW YORK — Budgets are tighter for millions of people with 2022 in full swing. Being money-conscious is nothing new for many of us, but new research shows the average American worries about their finances six times a day.
The poll of 2,000 adults to uncover how people feel about their finances also finds millennials are more focused on their finances than any other generation. They also worry about money the most – up to seven times a day.
Overall, respondents agreed millennials (30%) and Gen Z (22%) are better at managing their finances than their Gen X (14%) and baby boomer (18%) counterparts. Additionally, millennials are the most optimistic (78%) about where their finances will be in 10 years, while boomers are the least optimistic (57%).
Photo: Study Finds
Of all generations, millennials feel the most confident about their finances (79%), followed by boomers (65%) and Gen X (71%). Gen Z are the least confident in their financial skills (57%).
Commissioned by Affirm and conducted by OnePoll, the study revealed six in 10 Americans agree that living through the pandemic has made younger generations smarter about their finances than their older counterparts.
For example, Gen Z respondents seem to start investing in their savings earlier than any other generation. The results found 42 percent of Gen Z started or plan to start saving by age 25, compared to 28 percent of millennials, 24 percent of Gen X, and 17 percent of boomers.
The survey also looked at financial anxieties and the biggest hurdles each generation faces when it comes to finances. With money being the top source of anxiety for many Americans, the data revealed 43 percent of respondents would give up drinking alcohol for five years to retire today, while three in 10 would give up sex (30%) or their friendships (29%).
Photo: Study Finds
Just like the famous Beatles song, money can’t buy love – unless you’re a millennial it turns out. Over half (51%) of millennials say the ability to manage their finances is the top thing they look for in a partner, compared to a sense of humor for Gen Z, Gen X, and baby boomers.
When looking for a romantic partner, all respondents agree that a partner’s ability to manage their finances (45%) and their financial stability (45%) are more important than their physical appearance (39%). Furthermore, of those actively in the market for a partner, 68 percent would break up with someone if they managed their finances poorly.
Overspending is also a top concern across generations. More than half the poll (56%) often overextend their spending and are left in difficult financial positions. The number one habit that harms respondents’ budgets is making impulse purchases (41%), with ordering takeout (38%), going out with friends (34%), and getting hit with late fees (34%) following closely behind.
As respondents navigate the urge to overspend, the survey finds Americans are relying on pay-over-time solutions to stay on budget when shopping. Nearly half of all Americans (49%) (and 68 percent of millennials, specifically) won’t complete a purchase if a store does not offer a pay-over-time option at checkout.
Video: Study Finds
Originally posted on Study Finds.
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