Those that are part of the generations that came before – that is to say: Generation X, Baby Boomers, Traditionalists and The Silent Generation – have a lot of words to describe the Millennial generation, especially when it comes to finances. And, to an extent, it makes total sense. They lack a lot of the financial literacy that their predecessors have. But for all the bad mouthing behind their backs – and, on occasion, to their faces – there is one area where millennials are almost too savvy, and that is saving.
Now, that might not necessarily translate directly to the amount they have tucked away in a savings account (the average millennial has less than a $1000 in savings), but they are streaks ahead when it comes to being frugal. It is like a superpower all millennials are born with.
To cast a little bit more proof onto this subject matter, we have compiled a list of things that most millennials will do all they can to not spend money on. It’s quite amazing.
- Investments Aren’t Attractive
It makes sense for younger people to invest simply because they have time on their side, and time is a big player when it comes to riding out the tough times and coming out on top. The problem is The Great Recession. Millennials don’t trust Wall Street and would much prefer to cut open their mattresses and leave their cash there.
- A Place To Call Home
This is one of those tricky topics to delve into. You see, nine out of ten millennials want to invest in a property (presumably to call home), it’s just that, well, they can’t afford to, which is something that needs to be addressed. The economic crash caused by people of the generations before have set this generation back substantially and so it could be decades before a positive impact happens. Until then, it is money on rent or living with mom and dad.
- Professionals With Specific Skills
That’s right. Millennials are less likely to spend money on professionals than previous generations, which is probably to do with the Internet and YouTube and having all the resources to learn how to do something as and when they need to. It’s the DIY mentality of this day and age. The problem is, this transcends to things like lawyers and doctors. Now, there is a reason why a personal injury lawyer and a doctor spends so long in school, and that needs to be accepted by millennials. By all means, renovate your own living room and learn how to do graphic design, but spend money on specialists; they will save you way more than they cost.
- Well Known Brands Mean Nothing
For those with more years under their belt, they will automatically reach for big brand names. We’re talking Budweiser, Kellogg’s, Heinz and whatever else you can think of. But millennials don’t feel that urge. They would prefer to a) go for an own-brand option or b) pick an independent label. This is one of the trends that has emerged, maybe as a result of not liking big corporations because of their insensitivity to things millennials find important.