Why Millennials Are More Financially Responsible Than Their Parents
The millennial generation is conscious of the spending habits that have led to the budget crisis in the United States. As a result, they tend to research the different promotions offered by credit cards more than their parents once did, and they value every opportunity they have to save money, despite what their parents or policymakers may think. The millennial generation approaches finances in a completely different way than older generations.
When the millennial generation wonders "what are the best credit cards?," they take the time to research their options online. They use the Internet as a resource to compare and contrast the offers that different credit card companies offer. They also enjoy learning about the 0 percent interest rate or cash-back programs that credit cards may offer. By finding the credit cards best interest rate, a person in his or her 20s can plan for making big purchases and saving funds to pay off those purchases without accruing interest.
Millennials (or Gen Y) try to find any opportunity they can to pay for expenses associated with education as well. They may not be concerned about their appearance in applying for food assistance on a college campus, while their parents would have likely felt very embarrassed to ever apply for food assistance in their younger years. Millennials have a more care-free attitude and do not care what others think about the ways that they handle their financial situations. Applying for food assistance is just one easy for college students to manage the massive load of debt they take in order to obtain a college education.
Young adults no longer care about brand names and showing off to other people. What they care about is freedom and independence. They are about saving their money for retirement, rather than buying expensive designer handbags. This does not mean that they do not make these purchases. Rather, they will seek to make purchases of luxury items when they have a smart financing option or have the cash on hand.
As the national debt continues to increase, young adults show that they have a concerned attitude about their own financial decisions and seek to eliminate their personal debt. Young adults are now concerned about taking out loans for education programs and how they will pay those loans back. They are driven and determined to pay for any debt that they do happen to build.