How Millennials Are Demistifying The Concept Of Money

Again, millennials are breaking a taboo topic. This time is that of talking about their own money with other people.

A study has shown that millennials may be behind in wealth than their parents, but a recent survey shows that millennials talk more about money than their counterparts.

According to Business Insidera new survey by Insider and Morning Consult, where 2,096 Americans were polled about their finances, debt and earnings, showed that millennials are more likely to share their financial information with their spouses, parents, family and even friends and coworkers compared to baby boomers.

More than 670 respondents were millennials ages 23 to 38, and 730 respondents were baby boomers ages 55 to 73.

Both generations are equally likely to share information about how much money they have with their spouses, with 88% of millennials respondents saying they have done so, and 87% of baby boomers doing the same.

But on other categories, millennials scored higher than baby boomers when it came to sharing their own financial information with people who were not family members, according to Business Insider.

When it comes to sharing that type of information with friends, 30% of millennials said they have done that compared to nine percent of baby boomers; 25% of millennials said they have shared their financial information with their siblings, with only 12% of baby boomers saying they have done the same.

The difference is more staggering when it comes to sharing their financial information with coworkers. Twelve percent of millennials said they have talked about their finances with colleagues, while only two percent of baby boomers said they have done the same, according to Business Insider.

The same pattern can be found when it comes to talking to their families about money. Forty-six percent of millennials said that they have shared such information with their parents, while only 24% of baby boomers talk about their money with their kids.

So both generations, aside from being more open about their money with their spouses, are much more likely to share their financial information with their kids and parents.

“Knowledge is power and people tend to feel a huge sense of relief from discussing their situation and possibly fears with regard to money,” Greg Heller, founder and CEO of HCR Wealth Advisors in Los Angeles, told NBC News. “This in turn allows them to make better decisions, avoid critical mistakes, set attainable goals and demystify the subject of money.”

This mindset of talking about money to bring relief and tame fears has led New York Jets linebacker, Brandon Copeland, to teach a class, Life 101, at his alma mater, The University of Pennsylvania. In this class, he teaches people the financial knowledge he has learned along the way.

He said to Business Insider that having open conversations about money helps everyone build their own financial situation.

“[It’s] not what you do with your own stuff, but how you bring other people up with you,” Copeland said.

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