New research has shed light on the financial concerns plaguing millennials and Gen Z, with a majority expressing worry about the impact of baby boomers on their financial future.
The study, conducted by OnePoll for National Debt Relief, surveyed 2,000 U.S. adults, equally divided among generations, to review the differences in their financial experiences and habits. As it turns out, 65 percent of younger generations worry about their elders negatively affecting their financial path, and only 35 percent of older respondents believe that their generation will leave a positive economic legacy for future generations.
And while millennials were the generation most willing to take responsibility for their financial habits, 75 percent still attribute their woes to the financial decisions made by baby boomers. The older generations’ financial decisions are making younger adults’ current livelihoods harder. And despite their own “bad money habits,” millennials believe that the financial mistakes of the older generations have the biggest impact on their future financial well-being. (Ironically, baby boomers are the least likely to admit to making poor money decisions, with only 27 percent falling into this category.)
However, despite the age difference, a majority of those surveyed believe they all have bad money habits. Only 27 percent of respondents rated their money-saving habits as “excellent.” Most participants (62 percent) admitted to making poor financial decisions often.
“This survey confirms something many of us feel, but don’t always talk about: managing money can be tough, and we all make mistakes,” Natalia Brown, Chief Client Operations Officer at National Debt Relief, said. “There’s a lot of guilt and shame people feel when they’re in debt, and that needs to change. The data shows that most of us face challenges with money, and that none of us are alone in that.”
The survey pinpointed several common bad money habits, including dismissing small purchases as insignificant (43 percent), gambling (39 percent) and relying on credit cards to pay bills (33 percent). Remarkably, these habits appear to be influenced by older generations, as 48 percent of respondents acknowledged their money habits were inspired by their parents.
“By empowering ourselves with smart money habits, we’re not just securing our financial well-being, but fostering a culture of fiscal responsibility that will resonate for generations to come,” Brown said.
