Member Exclusive

Millennials’ financial habits diverge from previous generations, according to research by BofA

  • A significant percentage of millennials seem to be less about paychecks and more about ethics.
  • Covid has shifted the way millennials think about spending and saving.
close

Email a Friend

Millennials’ financial habits diverge from previous generations, according to research by BofA

Gen Z may have taken some of the limelight as the newest generation coming into adulthood. 

But millennials may have another reason to get attention — the Great Wealth Transfer is less than a decade away. 

By 2030, it’s predicted that millennials will inherit over $68 trillion from Baby Boomer relatives. 

And in terms of their attitudes towards money, millennials may differ from other generations. 

According to Bank of America’s research into the personal finance habits of affluent millennials, this generation is proving itself to be more open about their finances, more active in investing, and less interested in becoming big earners.

“We’ve got this really cool dynamic where there’s this generation that’s saying they want to think about the future more, and make sure that their work is meaningful,” said Matt Gellene, managing director of Bank of America/Merrill Lynch. “[They also want] better control over their financial lives, and that includes having a better understanding of where their finances are, and a much more proactive stance to their investing than they did prior to going into the pandemic.”


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Millennials’ financial habits diverge from previous generations, according to research by BofA”

Outlier OpinionsMakers

Blockchain and Crypto, Member Exclusive

Bankchain Briefing: How crypto firm Blockdaemon is bucking the “crypto bro” trend

  • This week, we explore the current state of gender equality in the crypto industry, and what firms in the space need to do in order to counter the long-standing “crypto bro” trend and make way for a more egalitarian future.
  • We also discuss the current state of crypto regulation in the US, and look at how the lack of regulatory clarity is impacting the growth of the industry.
Ismail Umar | September 29, 2022
Member Exclusive, Online Lenders

Lending Briefing: Debit cards are taking over

  • This year, debit cards have emerged as the preferred payment method for the majority of US consumers, dethroning credit cards.
  • Younger generations are behind this switch – even though they're also getting credit cards, Millennials and Gen Zers prefer to pay with debit.
Iulia Ciutina | September 28, 2022
Member Exclusive

Why are regulators cracking down on bank-fintech partnerships?

  • A higher level of regulatory scrutiny is on the way for fintechs and the bank partners on which they rely.
  • Increased regulatory scrutiny could result in a safer and more resilient market to the benefit of consumers, says Brian Graham, partner at Klaros Group.
Lindi Miti | September 27, 2022
Innovation, Member Exclusive

Slack and Salesforce launch industry-specific digital solutions – what’s in it for FIs?

  • Slack and Salesforce have built solutions to help their customers make the most of their digital tools.
  • How will these solutions benefit financial firms?
Sara Khairi | September 26, 2022
Data Snacks, Member Exclusive

Data Snack: On messaging and personalization in the financial industry

  • Times have changed and consumers expect more from their FIs. That includes messaging.
  • But when it comes to what messages to send, there’s no one-size-fits-all. That’s where personalization comes in.
Rivka Abramson | September 23, 2022
More Articles