When asked whether they’d talked to their kids about money, 96% of Baby Boomers said they had. By comparison, only 89% said they’d had a talk about the birds and the bees with their offspring. As a result, Millennials – the generation parented by Boomers – seem to have heightened confidence about finances, including saving and retirement, compared with their parents’ generation.
Boomers’ parents avoided money talk; Millennials’ parents embraced it
Although Baby Boomers were enthusiastic about talking money with their kids, they didn’t learn this behavior from having it modeled for them. Only 34% of Boomers said their parents talked to them about finances. But 74% of Millennials said their parents discussed money with them.
One sensitive topic is how much money people make; only 20% of Boomers’ parents told their kids what their income was, but 54% of Millennials said their folks were open about how much money they were taking home each month.
Perhaps because of this, Millennials report saving for retirement much sooner than Boomers did. They are also more confident in their ability to make financial decisions and prepare for the future. The majority of Millennials say their goal is to retire by age 60, and 64% of them say they feel optimistic about their ability to do so.
The study was done jointly by Chase and the Center for Research on Consumer Financial Decision Making at the University of Colorado. They gathered Millennials, Gen Xers, and Baby Boomers in five cities (New York, Dallas, Miami, Chicago and Los Angeles) and paired them up to talk about money, with a focus on key life moments like marriage and retirement. They also did an online survey encompassing responses from 2,021 adults across the United States.
Chase Bank issues many types of credit cards, including debit, credit, and secured cards for people with varying goals and levels of creditworthiness.
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