Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits

When it comes to money, there’s a mix of assumptions as to how millennials are spending money. Some are saying that millennials are not capable of using their money wisely but are instead spending it on unnecessary things, such as travel and shopping. It doesn’t help that millennials are often compared with older generations, who are perceived to be more responsible in handling their finances.

Others are more tolerant in saying that millennials, also called Gen Yers, shouldn't be judged according to their lifestyle and financial choices. You might come across millennials who use a loan app to borrow money, so they can book a plane ticket from a seat sale. It might seem impractical, but millennials believe that these types of sale events give them an opportunity to experience the world around them without shelling out too much money.

In the featured infographic, we try to settle the question behind the millennials’ outlook toward money by looking into various statistical data provided by research firms and other financial organizations. Hopefully, this will help create a better understanding of the kind of financial motivations that millennials have.

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