Poor financial management is just one of the many stereotypes against millennials. They don’t invest, they spend on superficial items, and yet they complain about not having enough cash. How true are these?
People now live in a fast-paced, technologically-laced world with a higher cost of living. To unwind from their hectic schedules, millennials are more likely to spend on leisure and experiences, like traveling or fine dining. Plus, there are new services now, such as music and movie streaming apps and various digital subscriptions, that weren’t available to older generations in their youth. Those definitely add to the expenses of gen Yers.
What other people don’t see is the fact that millennials do save. 71% of millennial workers reportedly prepare for their retirement. Many are also knowledgeable about financial trends like cryptocurrency. The popularity of online lending in the Philippines is also an indicator that they have found smarter ways to manage their finances.
If you’re skeptical, then let the figures speak for themselves. Find out how gen Y spends their money in the infographic below.