A look at the best millennial finance stories of the past fortnight. Find out whether you can learn about money through reading someone’s financial diary and why millennials are more open about talking about salaries. Plus, why the financial relationship between millennials and their parents isn’t all it seems.
Technology might not be all it’s cracked up to be when it comes to millennials managing their money, according to research from the Global Financial Excellence Center. The US-based centre found that while millennials who used mobiles to pay for things were less financially literate than those who didn’t. They were also less likely to make other bad financial decisions like running up overdrafts, borrowing from payday lenders and dipping into their retirement funds.
This piece looks at what is stopping millennials from reaching the same level of financial security as the baby boomer generation. It examines the impact the financial crisis had on this age group as well as lower protections on the minimum wage and a decrease in aid for tuition fees.
New research by Brewin Dolphin has revealed some surprise in findings about millennials’ money habits. According to the survey of 5000 consumers, this age group is actually quite savvy about saving and is even helping their parent’s generation. The survey also found that up to 84% of this age group would be happy to move home to help save for a mortgage deposit.
This piece looks at the growing tendency among millennials to talk about how much they get paid – and the reasons behind it. According to the piece, millennials are earning, on average, 20% less than the baby boomer generation – with many women suffering an additional deficit through the gender paygap – and as a result, they’re working on the basis that greater transparency could lead to better pay. Additionally, the piece sees greater openness around pay as a natural extension of the increased cultural sharing that happens on social media platforms.
This week’s FT Money podcast features an interview by the creator of the Refinery 29 Money Diaries Lindsey Stanberry (previously mentioned in this column). She explains the reason behind the phenomena and what and what prompted her to set the diaries up in the first place. Other guests talk about the benefits the series brings, inasmuch as it got people talking about the finances, but actually women who have historically been less engaged with personal finance than men.