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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.
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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.”

 


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