The rift between the younger generations and those that came before has been ongoing for quite some time now. It turns out that as many as 65% of Millennials as well as Gen Z are of the opinion that baby boomers will make it harder for them to control their financial futures than might have been the case otherwise. This comes from a survey of 2,000 participants OnePoll on behalf of National Debt Relief, and it sheds some light on the matter at hand.
With all of that having been said and now out of the way, it is important to note that there is a significant disparity between the number of people that say they manage their money well and those that make poor financial decisions. Around 27% of the people that responded to this survey said that they are good with money, allowing them to save enough for the future. In spite of the fact that this is the case, 62% said that they don’t always make the right decisions.
There are three main bad habits that can prevent younger individuals from being able to save up enough for the future. 43% said that they write off small purchases because of the fact that this is the sort of thing that could potentially end up seeming insignificant at first. 39% admitted that they gamble, which tends to be a terrible way to handle money with all things having been considered and taken into account. Finally, 33% stated that they pay their bills with their credit card.
Older generations do have some sage advice for those that are struggling in the current economic climate. 61% said that having an emergency fund is crucial since it can help you pay your bills during times of financial strife. 53% said that you should try to start saving and investing as early as possible so that you can gain the returns that can only come with long term holdings of various assets which can make you immune to short term swings in the various markets of the world.
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With all of that having been said and now out of the way, it is important to note that there is a significant disparity between the number of people that say they manage their money well and those that make poor financial decisions. Around 27% of the people that responded to this survey said that they are good with money, allowing them to save enough for the future. In spite of the fact that this is the case, 62% said that they don’t always make the right decisions.
There are three main bad habits that can prevent younger individuals from being able to save up enough for the future. 43% said that they write off small purchases because of the fact that this is the sort of thing that could potentially end up seeming insignificant at first. 39% admitted that they gamble, which tends to be a terrible way to handle money with all things having been considered and taken into account. Finally, 33% stated that they pay their bills with their credit card.
Older generations do have some sage advice for those that are struggling in the current economic climate. 61% said that having an emergency fund is crucial since it can help you pay your bills during times of financial strife. 53% said that you should try to start saving and investing as early as possible so that you can gain the returns that can only come with long term holdings of various assets which can make you immune to short term swings in the various markets of the world.
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