I don’t know about you but I have seen a lot of articles lately about Millennials or generation Y and their relationship with money and personal finance. Actually, you will read a lot of articles focusing on the people born between 1982 and 1993 because they are participating in reshaping society’s values. Let’s see what we can learn from their vision of money management.
Millennials Save…but for what?
Maybe because of the economic uncertainty, millennials save more money than previous generations. That may be a good thing but according to a Facebook survey, they don’t really have a financial plan or really know what they are saving for. It’s a good thing to save money but the key is to save efficiently by having goals and invest accordingly. At least, millennials are less likely to build debt when an unexpected expense arises.
Millennials Talk About Money but don’t feel understood
According to a new survey by Ally Bank, Millenials talk about their money more openly than previous generations. They even consider they learnt most of their personal finance knowledge from their parents. However, the Facebook survey showed that almost half of them don’t think their financial institution answers their needs adequately. It is likely that Millennials will change the face of banking. Many of them manage their money online showing the need for user friendly mobile applications and internet websites.
Millennials still lack knowledge in money management
If we consider the number of personal finance blogs, money management courses that flourished the past few years, we can clearly see the need of financial education. Marketing retailers put a lot of focus on getting millennials’money out of their wallet. Because of poor financial knowledge and money management, some millennial personal finance bloggers started a budgeting revolution. Others were just feeling lost about how they managed their money in the most efficient way. They decided to share their positive experience and some of them have an impressive number of readers.
You will find below a non exhaustive list of personal finance blogs targeted to Millennials:
Millennials are also avid smartphone users when shopping and they are very tech savvy. We hope that some will have chosen a budgeting and personal finance mobile app like QMR 😉 to help them tracking their money and manage their budget.
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