Parents often wonder exasperatedly if their offspring ever listen to their advice – but it appears that today’s young adults have learnt from the experiences of their elders when it comes to their finances.
Experian’s Millennial Me & My Money report found that 45% of Millennials – that’s 18-34 year olds – manage to save at least a quarter of their disposable income each month, compared to just a third (34%) of 35-55-year-olds (widely known as Generation X).
Millennials who believe their parents have had a positive influence on their money habits have almost double the savings of those who say their parents had a negative influence.
However, those who say their parents have had a negative influence on their money management are more than twice as likely to have missed an agreed credit repayment, twice as likely to have been refused credit, and twice as likely to have run out of money before payday in the past. Continue reading