It's no secret that millennials are taking control of their finances. They have had to overcome a lot of obstacles to get where they are today, and they aren't about to let lack of financial knowledge slow them down, taking advantage of opportunities like bad credit loan options to help.
In this blog post, we will discuss 5 ways millennials are taking charge of their finances. Keep reading for helpful tips on how you can do the same!
1. Millennials are more likely to budget and save money.
One of the biggest ways millennials are taking charge of their finances is by budgeting and saving money. A recent study found that 66% of millennials track their expenses, compared to just 54% of baby boomers. On average, most Millennials have over $63,000 saved in retirement funds.
In addition, these younger adults are also more likely to budget their money. For example, 35% of millennials say they spend less than $100 per month on eating out and entertainment (compared with 28% for Generation X).
It’s clear that this generation is taking control over how much time or energy it takes them to spend money wisely, which can lead to healthier financial habits in the future.
2. They're more inclined to use investment options.
Millennials tend to be risk-averse with their money, which causes them to look at different investment options than other generations. This can be bad news for some financial institutions.
According to a survey, only 66% of millennials are currently invested in the stock market. Even though this generation wants more control over their finances, they don’t want to take on unnecessary risks.
It’s also interesting that many millennials are using bad-credit loans as an investment option, instead of relying solely on stocks and bonds.
This generation is more likely to invest in bad credit loans because of their bad credit scores or other financial problems. Bad credit loan options are becoming increasingly popular for those looking to build credit while investing their money wisely.
3. They're more likely to use credit cards responsibly.
Millennials are more likely to use credit cards responsibly than other generations. A recent study found that 71% of millennials pay off their balance in full each month, compared with just 65% for Generation X and 61% for baby boomers.
Additionally, this generation is less likely to carry a balance on their credit card; 36% of millennials say they never carry a balance on their credit card, compared with 26% for Generation X and 17% for baby boomers.
Millennials are more likely to use bad-credit loans than other generations because they know it’s the best way to build credit while investing in their future.
4. They're more likely to have student loan debt.
Most millennials have student loan debt, which makes it difficult for them to take charge of their finances. This high level of student loan debt can make it difficult for millennials to save money, invest in the stock market, or buy a house.
Millennials are taking charge of their finances by using bad credit loans to consolidate and refinance their student loan debts. This can help them save money on interest and get out of debt faster.
5. They're more likely to be entrepreneurs.
Millennials are more likely to be entrepreneurs than any other generation. This means that they’re more likely to start a business, work for themselves, or be self-employed.
This desire to start their businesses is likely because many millennials have struggled with unemployment and underemployment.
Millennials are taking charge of their finances by starting their own businesses. This gives them more control over their lives.
Millennials are taking charge of their finances in many different ways. They’re more likely to budget, invest in the stock market, and use credit cards responsibly. They’re also more likely to be entrepreneurs. This gives them more control over their lives and helps them build a brighter future.