Millennials are known for being financially behind, but they’ll probably end up being okay.
A new survey by Insider and Morning Consult found that many millennials view their financial standing positively when compared to their peers.
They’re also doing better than previous generations in certain areas: They’re more optimistic about money than Gen X and more open to talking about it than baby boomers.
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The story isn’t a new one: Millennials are struggling with financial problems previous generations didn’t face.
They’re dealing with a heavy trifecta formed by the ongoing fallout of the recession, rising living costs, and staggering student-loan debt. But perhaps not all is as bad as it seems.
Insider recently teamed up with Morning Consult to survey more than 2,000 Americans about their financial health, debt, and earnings for its new series, “The State of Our Money.” More than 670 respondents were millennials, defined as ages 23 to 38 in 2019.
While several findings weren’t positive — millennials are more likely than their parents to delay life events because of money and they’re pretty stressed about their debt — other results painted a much brighter picture.
Millennials overall view their financial standing favorably when compared to their peers — and compared to Gen X, the preceding generation. They’ve also made strides in money compared to their parents: Millennial women are earning more than their mothers, and millennials overall are more open talking about money.
Here, six facts that show millennials will probably be okay, even if you think otherwise.
SEE ALSO: 6 financial problems plaguing millennials through no fault of their own
DON’T MISS: 17 ways life is different for millennials than for baby boomers, from crushing student loans to a disappearing middle class
Millennials are more open about money than their parents
If there’s one thing millennials have going for them that their parents don’t, financially speaking, it’s that they’re talking about money.
Thirty percent of millennials share financial info with their friends, compared to just 9% of boomers; 25% of millennials share financial info with their siblings, but 12% of boomers do the same; and 12% of millennials talk to their colleagues about money, whereas only 2% of boomers do.
When it comes to sharing their finances with family, millennials are also more likely to do so — 46% talk to their parents about it, while 24% of boomers talk to their kids about it.
Millennial women are more likely than their mothers to out-earn their partners
Millennial women have progressed when it comes to income earnings. Only 18% of baby boomer women said they make more money than their partner or spouse, while 35% of millennial women reported making more money than their partner or spouse, Business Insider’s Liz Knueven reported. That means millennial women are twice as likely as their mothers to earn more than their partners.
However, 25% of the 1,068 survey respondents people who identified as women said that they made more than their spouse or partner, while …read more
Source:: Business Insider