Millennials get a bad rap when it comes to money -- it’s no secret Millennials are known as the generation that doesn’t make the right financial decisions. But, a new report from Bank of America shows Millennials are just as good, or better, at managing money than other generations.
That’s good news for Millennials of course, but the problem is Millennials believe in the stereotypes themselves. 75% said their generation overspends compared to other generations. 73% said their generation overspends on unnecessary indulgences. Even though it appears Millennials are doing well financially, money causes them stress.
The Better Money Habits Millennial Report also found Millennials are more likely to ask for raises than older generations and 80% of Millennials who asked for a raised received one. 56% of Millennials said their interest and passion in their career is more important to them than the size of their paycheck.
Thousands of people were surveyed for the report. Millennials are defined as ages 23-37 for the survey.