Generational Spending Habits: Is It True What They Say About Millennials?

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Generational Spending Habits: Is It True What They Say About Millennials?

Whether it is your mother, your grandmother, or maybe your friend, we've all heard someone talking about how millennials don't value money.

Baby boomers are known for notoriously saying that millennials are entitled, that they overspend on extras, and that they do not understand what it is like to go without something.

Many baby boomers and people from generation X also claim that millennials are lazy and that they don't know what it is like to truly work hard, but is this actually true?

While there may be some truth to this, what does it say about us as a society?

Advancements in technology have catapulted us into a society where there is much less of a need for skilled labor because we have devices to do those jobs for us. This poses the question of whether it is actually laziness, or is it prosperity?

Generational Spending Habits: Is It True What They Say About Millennials?

Sure, there are millennials that give the group a bad rep, but it is important for millennials to take advantage of the prosperous advancements that we've made as a country, as well as the time that we gain because of those advancements.

Some people, in fact, say that the emergence of robots and other devices provides us with more time and opportunities, acting as a stepping stone to progress to new societal levels that have never been seen before.

What do you think?

Well, there's no truly "correct" answer. So let's take a look at the generational spending habits between baby boomers, generation x, and millennials so that we can determine if older folks have a false perception about the lifestyle and spending habits of millennials.

No matter what generation you fall into, check out this infographic so that you can form an opinion for yourself!

Generational Spending Habits: Is It True What They Say About Millennials?

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Our Verdict

By now, you're probably wondering what our final verdict is. Are millennials actually lazy, or has the world just changed?

First, however, it is important for us to note that every person is different, and every person spends their money differently than others. Whether you are a baby boomer or a millennial, if you can afford your bills and the other necessities of life, get a $4 coffee if you'd like. It might not be a good idea to make a habit out of this, but there's nothing wrong with treating yourself on occasion. Make a budget that works for you, and make sure you stick to it.

Sure, we should all be saving money. But shouldn't we all be saving based on our discretion, and not the discretion of what everyone else does?

We should ultimately be making it work our own way with the help and guidance of people that we trust.

There are wealthy and poor millennials, just like there are wealthy and poor baby boomers. To add insult to injury, there are wealthy millennials because of their wealthy baby boomer parents, just like there are wealthy baby boomers because of their wealthy silent generation parents.

Generational Spending Habits: Is It True What They Say About Millennials?

Maybe that's the problem; on one thought, the money stays in the hands of the people that were wealthy to start with, but on another thought, wouldn't you provide a great and comfortable life for your children if you had the means to do so?

Ultimately, we'd say that the answer to the generational spending debate all lies in perspective. Each generation has justifiable reasons for believing something, just as each generation has justifiable counter-arguments. What's the "right" answer? That's for you to decide.

In America, we like to break each other into categories. Depending on your age, you get placed into a generation, and even though you might not fit the standards or ideas of the majority, you're placed into it anyways. I believe that we should place much more emphasis on individuality, but is that possible in a civilization with millions of people? I have no good answer.

You can either mold your ideas and beliefs in unison with the majority, or you can go against the grain and form your own opinions. I say form your own opinions and take it from there.

Thanks for reading! Once again, I'll leave you with the simple question; are millennials lazy? Please leave your comment and let us know what you think.

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