Tag Archives: baby boomers

Money Monday: Millennials saving for financial freedom

Millennials are saving for financial freedom—not retirement

Source: Yahoo Finance

Photo from Pictures of Money

Millennials often get a bad rap when it comes to financial responsibility. But it turns out those stereotypes may be off base. Millennials are saving more money than any other generation, according to a new study by Bank of America and Merrill Edge. But it’s what they’re saving for that really sets them apart from older generations.

Saving for financial freedom is the No. 1 priority for millennials — 63 percent of millennials said they’re saving a set amount of money to enjoy their desired lifestyle. This is a stark contrast to older generations: the majority of the Gen X and baby boomer generations prioritize their savings specifically to leave the workforce and retire.

This shift speaks to the bigger differences in the ways millennials and older generations view money, and what they prioritize in their lives. While it may not sound surprising that younger workers aren’t thinking about nest eggs as much as older generations, what’s a little different here is that they’re not thinking about retirement as a phase of life, let alone working to afford it. Millennials listed personal milestones as their top priorities: getting their dream job and traveling the world trumped more traditional goals like getting married and having children.

Read the full story from Yahoo Finance here

Money Monday: Millennials under pressure

Millennials have multiple financial stresses

Why do millennials have more financial challenges than baby boomers? Several reasons:

  • Home prices have increased
  • It’s pricey raising a child
  • Median household incomes have decreased
  • More have student debt

CAR_Millennials_Under_Pressure

This infographic is from CAR.org.

What Boomers Want in Real Estate

Two-thirds of homeowners are over 55

That means that they have a large impact on housing for all generations.

WhatBoomersWantThis infographic is from CAR.org.