Millennials believe negative stereotypes about their generation—even when they're not true, finds a report from Bank of America.
Researchers at Bank of America surveyed 1,500 adults between the ages of 18 to 71. Respondents were asked about their savings, budget, and financial security.
Here's how millennial money habits compare to Gen-Xers, according to the survey:
- 63% of millennials and 64% of Gen Xers save;
- 54% of both millennials and Gen Xers budget; and
- 57% of millennials have a saving goal, compared to 42% of Gen Xers.
The term "millennial" is often used to conjure up self-involved over-spenders who aren't saving enough for retirement, Preeti Varathan writes for Quartz.
Also see: 5 facts you may not know about millennials
Yet millennial money habits are just as good as other generations. Despite their financial savvy, most millennials believe the negative stereotypes about themselves, Varathan writes.
About 64% of millennials say their generation isn't good at managing money and 75% believe they spend more than other generations, finds the survey.
Pervasive millennial stereotypes threaten to alienate many of our own students and coworkers, the Wall Street Journal noted in a recent article. The stereotypes also fail to capture the breadth of people born between 1980 and 2000, Bryan Lufkin wrote for BBC. In reality, most millennials are hardworking, curious, and poised to change the nature of leadership.
The negativity that surrounds millennials may just come with territory of being the current youth group, Lufkin notes. Young people are "always subjected to finger-wagging by elders," he writes (Varathan, Quartz, 1/30; Bank of American report, accessed 1/30).
Related: 3 ways to retain millennials in higher ed administration
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