More Than Half of Americans Believe They Handle Finances Better Than Their Parents
More than half of Americans believe they handle their finances better than their parents, according to a survey about how different generations perceive money. BOK Financial conducted a poll of 2,000 adults and found that 58% of those surveyed believe that they are better financial managers than their parents, reports SWNS Digital.
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Approximately 65% also admitted to feeling uncomfortable when talking to their parents about money, yet 59% feel their parents have previously judged their financial habits. Despite this, six out of 10 of those surveyed said they’re confident enough in their financial habits to teach them to their children.
While 77% are confident in their ability to save money, SWNS Digital noted that confidence was higher among millennials (86%).
At the same time, 58% said they’ve spent more casually during the pandemic, and 60% of Gen Xers say that they lack the skills when it comes to saving. Sixty-eight percent now say that inflation has a big impact on how much they can save.
The rising cost of living is also a cause for concern for 70% of respondents (and 94% of baby boomers). Because of this, 7 out of 10 feel their age group has the most responsibility when it comes to making good financial decisions — and 68% feel greater pressure to financially care or their parents and other older relatives.
Younger generations feel the biggest financial burden, with 78% of millennials saying they feel the need to be the most financially responsible to help look after younger generations. Fifty-six percent of Gen Z respondents say saving as early as possible is enough to get by, while 54% of millennials (and 31% of baby boomers) say it’s better to make financial plans for the future in your late 20s.
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“All generations should be taking action now to become more self-sustainable,” says Brandy Marion, institutional wealth education manager at BOK Financial, as reported by SWNS Digital. “First, make a plan to pay off your debt as soon as you can and avoid accumulating future credit card debt. Next, reevaluate what is truly a needed expense versus a want. Finally, the best day to start saving for tomorrow is today! Most of us wish we had started saving sooner.”
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