Millennials have gotten a lot of flak for being irresponsible with their money. There are countless opinion pieces, jokes, and even games based on the alleged poor financial management of this generation. Baby boomers and gen Xers think that it stems from being too materialistic and shallow since millennials grew up in the age of the internet and social media.
Millennials and Money: What the Numbers Reveal About Gen Y’s Spending and Investing Habits
However, this tech know-how that others seem to point to as a weakness is actually Generation Y’s strength. As millennial consumers demand more convenient ways to manage their money, revolutionary advancements in tech have made online banking and online lending in the Philippines possible.
Before you form an opinion about the so-called “broke millennials,” it’s time to acquaint yourself with the numbers first. Learn more about the the most common items millennials spend on, as well as their investment and saving habits below, and find out for yourself if Generation Y is as terrible about money management as other people say.