Millennials Are Breaking These 6 Outdated Boomer Money Habits
Written by
Chris Adam
Edited by
Cory Dudak
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When it comes to money habits, the perceived “right way” to do things can certainly vary by generation.
“Today’s millennials face different pressures: an environment of abundance paired with omnipresent marketing that normalizes debt, easy access to credit and social media that constantly showcases aspirational lifestyles,” said Otto Rivera, CFP Board Ambassador at CFP Board. “Ironically, while technology has made saving and investing more accessible than ever, rising living costs and consumer culture have made it harder for many to prioritize emergency funds and long-term savings.”
Here are six boomer money habits many millennials are avoiding, according to financial experts who spoke with GOBankingRates.
1. Fearing Debt
According to Filip Telibasa, CFP, owner and planner at Benzina Wealth, millennials leverage debt instead of fearing it. “Used wisely, low interest debt can be a tool — whether for growing a business, real estate or funding education. Avoiding all debt often means missing opportunity,” he said.
2. Pinching Pennies
Telibasa said millennials aren’t obsessed with penny pinching. “Boomers budgeted every nickel; millennials reverse-engineer their savings,” he said. “They automate their goals first — retirement, travel and future home — then spend freely on what’s left. It’s guilt free and effective.”
3. Not Asking Tough Questions
Per Blake Harris, asset protection attorney and founder of Blake Harris Law, “Boomers often relied on legacy advisors without asking tough questions. Millennials don’t make that mistake — they research credentials, verify bar licenses and expect full transparency. It’s not distrust; it’s due diligence, and it’s one of the smartest financial habits we’re seeing today.”
4. Staying Loyal to One Bank Forever
According to Cristian Mundy, CFP Board Ambassador at CFP Board, “When I was at the bank, I had clients who’d been with us for 30 years. Even when the fees went up, interest rates dropped and the online app was so complicated it felt like you needed a manual just to transfer money, they stayed because ‘that’s just what you do.'”
Per Mundy, millennials aren’t wired like that. “If a bank makes it hard, they’re gone. They want efficiency, simplicity and flexibility. To them, banks are tools, not traditions.”
5. Not Talking About Their Finances
Spencer Betts, CFP Board Ambassador at CFP Board, said millennials are much more open about their finances. “Boomers typically don’t like to talk about money with anyone, and tend to try their best not to ask for advice when it comes to money. Being able to talk about money and financial struggles can help others avoid them.”
6. Staying With Subscriptions
According to Marguerita Cheng, CFP, CEO of Blue Ocean Global Wealth, products and services that save millennials time aren’t considered wastes of money. At the same time, she said millennials value a personalized customer experience rather than staying with a cable subscription that offers a bunch of channels not relevant to their interests.
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