Millennials are Ignoring the Old Economic Advice

They refuse to take the old advice. Economists and financial advisors are convinced the millennials are marching towards their financial doom, but the millennials are marching to the beat of a different drum than their baby-boomer parents…

Millennials are savings lots of money, but they’re not saving it for retirement. Here’s the report:

According to a Bank of America Merrill Edge study published Friday, today’s 18- to 34-year-olds are much more likely to prioritize travel, dining, and their gym membership over their financial future.

“Their ‘fear-of-missing-out’ (FOMO) mentality is also apparent in their spending habits,” the Merrill Edge report reads.
The study of more than 1,000 relatively affluent individuals found that 81% of millennials were more likely to spend on travel, 65% on dining, and 55% on fitness, than saving for their financial future.

Moreover, millennials aren’t thinking about retiring as early as possible; instead, they’re looking to have the most fulfilling life possible.



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