Millennials Chart a Path Toward Financial Awareness

By Steven McKean · Aug 13, 2018 3 min read

Financial Awareness

Why millennials manage money better than their elders

On National Financial Awareness Day, a Charles Schwab survey delivers good news for millennials: despite student debt and rising costs, they are managing their money better than boomers or gen X.

1 National Financial Awareness Day

Tomorrow is National Financial Awareness Day! The purpose of this “holiday” is to help guide people toward more sound financial choices in their daily and long-term money management, something Billshark tries to do every day.

And here’s the good news, for millennials, at least. A recent national survey by the bank and brokerage firm Charles Schwab found that millennials are better at financial management than baby boomers or generation X.

2 The Challenges Millennials Face

This is despite—or perhaps because of—the unprecedented challenges faced by millennials, including outrageous student loan debt, soaring housing and child-care costs, stagnant salaries with fewer benefits, and the growing uncertainty of being able to attain stable, long-term employment. All this in an economy that still hasn’t fully recovered from the Great Recession, despite what the unemployment figures say.

Bloomberg earlier this year reported on an analysis of eight high-income countries by the think tank Resolution Foundation which found that millennials in their early 30s have average household incomes four percent lower than gen-Xers at the same age.

3 What the Schwab Survey Found

Nevertheless, the Schwab survey gave that cohort good marks for managing the money they do have. As reported by CNBC, Schwab assessed four main categories that it equated with sound financial practices: goal setting and financial planning; saving and investing; staying on track financially; and having confidence in reaching financial goals.

It found that millennials scored above average overall, with boomers posting an average score, and generation X rating slightly below average. Millennials were also found to be far more financially engaged, with more than half rebalancing their portfolios annually. They were also more likely to be aware of their brokerage account fees than their more senior counterparts.

4 Why Millennials Manage Money Better

Why is this? Necessity, perhaps. As mentioned above, there’s little in the way of a safety net for millennials when it comes to income security, and they’ve been forced to invent creative and flexible ways to adapt to the new normal. In addition, it’s possible that the Internet access their parents and grandparents didn’t have, with its ready access to vast stores of knowledge, affords them a more convenient way to learn about financial management. Because with few exceptions, sensible money management—or even such basic skills as how to balance your checkbook or create a budget—is something schools have never taught to any generation of Americans.

Also, older generations in general don’t seem to have had either the drive or the savvy to acquire wealth, whether “wealth” simply means being able to pay all your bills and live a comfortable lifestyle or whether it means accumulating huge sums of capital. Younger people these days, despite swimming upstream against a flood of financial challenges, appear more focused on money management than their elders did at the same age, and that’s a good thing.

“Wealth is often thought of as a lofty, unattainable number that doesn’t apply to most of us, but that’s an old-fashioned notion that needs to be retired. It doesn’t matter whether you have a lot or a little—what matters is that you think about the money you have as your wealth, and that you pay attention to it. Being engaged is the only way to reach your personal goals.” — Terri Kallsen, EVP and head of Schwab Investor Services

5 Making Money Management a Priority

If you didn’t receive a solid foundation from your parents in how to earn, spend, and save money, you had to learn on your own, either from various books or courses, or through trial and error. Maybe you’ve spent a fortune on get-rich-quick books and eventually learned there are no shortcuts to wealth. Maybe you were lucky enough to find a spouse who exposed you to sound financial concepts. Maybe you’ve even been learning about money management from Billshark’s blogs.

However you’re becoming financially aware, it’s important for your future financial security as well as your peace of mind that you make sound money management a priority in your life. Billshark is here to help you maintain that sensible practice.

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Frequently Asked Questions

What is National Financial Awareness Day?

National Financial Awareness Day is a “holiday” whose purpose is to help guide people toward more sound financial choices in their daily and long-term money management. It is something Billshark says it tries to do every day, encouraging consumers to make sensible money management a priority for both their future financial security and their peace of mind.

Are millennials really better at managing money than boomers or gen X?

According to a national survey by the bank and brokerage firm Charles Schwab, yes. The survey found that millennials are better at financial management than baby boomers or generation X. Millennials scored above average overall, while boomers posted an average score and generation X rated slightly below average.

What four categories did the Charles Schwab survey measure?

As reported by CNBC, Schwab assessed four main categories that it equated with sound financial practices: goal setting and financial planning; saving and investing; staying on track financially; and having confidence in reaching financial goals. Millennials scored above average across these measures of financial health.

What financial challenges do millennials face?

Millennials face unprecedented challenges, including outrageous student loan debt, soaring housing and child-care costs, stagnant salaries with fewer benefits, and growing uncertainty about attaining stable, long-term employment. Millennials in their early 30s have average household incomes about four percent lower than gen-Xers were at the same age.

Why might millennials manage money better despite those challenges?

Necessity may be one reason: with little safety net for income security, millennials have invented creative, flexible ways to adapt. Internet access their parents and grandparents lacked also gives them a convenient way to learn about money management, since schools have never reliably taught basic skills like budgeting or balancing a checkbook.

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Millennials Chart a Path Toward Financial Awareness is a Billshark page. It can help you with your bills and your choices, and it can show you how to save.

A Charles Schwab survey on National Financial Awareness Day finds millennials manage money better than boomers and gen X despite student debt. Read why.

Use this page to learn about Billshark. Then go to the part of the site that fits what you need. Small steps add up. You can save a lot over time.

We share this page to help you make sense of your monthly bills, your choices, and what to do next. Keep this page handy. Ask us if you get stuck.

This page links you to more help from Billshark. Use it when you want more detail or a clear next step. You can save a lot over time.

Got a question about a bill you pay each month? This page can help you find the best answer. Read on to learn more. Small steps add up.

Read each part of this page at your own pace. If you need more help, go on to a guide on your topic. It is free to read. Keep this page handy. Ask us if you get stuck.

We put facts and tips in one place. This makes it easy to learn about the bills you pay at home. We are here to help. It only takes a few minutes.

This page can help with real questions. You can learn about your plan, your account, and what you pay each month. Small steps add up. You can save a lot over time.

Use the menu and the links to go from a big question to the facts that fit your own needs. Keep this page handy. Ask us if you get stuck.

We keep things short and clear so you can choose well. You can then read more if you want to. It only takes a few minutes. You are in the right place.

The links on this page help you weigh your choices. They also help you see what you pay and what to do next. You can save a lot over time.

Our goal is to help you spot the bills you pay each month. We also share smart ways to keep them low. Ask us if you get stuck. Read on to learn more.

Come back to this page when you have a new question. It will still be here to help with bills and savings. You are in the right place. It is free to read.

We link the small choices you make each day to the big picture. That means your budget and what you spend at home. We make it easy for you.

Each part of this page helps you see what you need. It may be help with a plan, your account, or a good read. Read on to learn more. Small steps add up.

Use what you learn here to plan your questions. Look at your choices, then take the next step when you are ready. It is free to read. Keep this page handy.

Our pages link to each other. That way, you can find more help and still keep track of what you came for. We are here to help. It only takes a few minutes.

This page makes it easy to find the key facts first. Then you can pick a plan or make a change with less stress. Small steps add up. You can save a lot over time.

Good facts help you see why a bill went up. They also show you what to check before you call or reply. Keep this page handy. Ask us if you get stuck.

This page puts the key facts in one place. It can help you talk with a company about your bills and how to save. It only takes a few minutes. You are in the right place.

Our other pages explain the words you see on a bill. They also help you weigh the pros and cons of each plan. You can save a lot over time. We make it easy for you.

Our tips focus on real choices you can make. Start with the basics, then read a more detailed guide if you need one. Ask us if you get stuck. Read on to learn more.

This page is one of many that we share. Together they cover home costs, the firms you pay, and how to get help. You are in the right place. It is free to read.

Take your time and read this page first. It helps you see your choices and find out what to read next. We make it easy for you. We are here to help. It only takes a few minutes.

We set this page up so you can compare and keep reading. You will not need to hunt for what you want. Read on to learn more. Small steps add up. You can save a lot over time.

Monthly bills come with rules, terms, and fine print. This page helps you find the parts that count for you. It is free to read. Keep this page handy. Ask us if you get stuck.

Our pages give you a clear view of what you pay each month. You can then pick the plan or guide you want. We are here to help. It only takes a few minutes.

Some of our guides cover the basics. Others go into detail on one company or one type of bill. Small steps add up. You can save a lot over time. We make it easy for you.

It pays to read first and act later. This page links you to the next guide if you want to learn more. Keep this page handy. Ask us if you get stuck.

We share guides that help you make sense of your bills. They show your choices and the best next step. It only takes a few minutes. You are in the right place.

Want more detail on a bill, a plan, or your account? Check this page against the links we share here. You can save a lot over time. We make it easy for you.

We group our pages by topic to keep things simple. This helps you stay on track as you read about your costs. Ask us if you get stuck. Read on to learn more.

A bit of background goes a long way. It helps you spot what counts before you check a bill, change a plan, or call us. You are in the right place. It is free to read.

This page is part of our help library. It gives you clear facts and links so you can keep on reading. We make it easy for you. We are here to help.

Your needs can change, so come back any time. Our other pages can help you look into a new cost or plan. Read on to learn more. Small steps add up. You can save a lot over time.

We laid out this page to help you get the facts and compare them. You can then choose your next step with ease. It is free to read. Keep this page handy.

On National Financial Awareness Day, a Charles Schwab survey delivers good news for millennials: despite student debt and rising costs, they are managing their money better than boomers or gen X.

Tomorrow is National Financial Awareness Day !.

And here’s the good news, for millennials, at least.

This is despite—or perhaps because of—the unprecedented challenges faced by millennials.

Nevertheless, the Schwab survey gave that cohort good marks for managing the money they do have.

It found that millennials scored above average overall, with boomers posting an average score, and generation X rating slightly below average.

Why is this?.

Also.

If you didn’t receive a solid foundation from your parents in how to earn.

However you’re becoming financially aware, it’s important for your future financial security as well as your peace of mind that you make sound money management a priority in your life.

National Financial Awareness Day is a “holiday” whose purpose is to help guide people toward more sound financial choices in their daily and long-term money management.

According to a national survey by the bank and brokerage firm Charles Schwab, yes.

As reported by CNBC.

Necessity may be one reason: with little safety net for income security, millennials have invented creative, flexible ways to adapt.

Billshark negotiates your bills for you — no savings, no fee.

Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.

Our experts handle providers for customers and share updates throughout the process.

Customers pay only when Billshark finds savings on eligible bills.

1 National Financial Awareness Day.

2 The Challenges Millennials Face.

3 What the Schwab Survey Found.

4 Why Millennials Manage Money Better.

5 Making Money Management a Priority.

Frequently Asked Questions.

What is National Financial Awareness Day?.

Are millennials really better at managing money than boomers or gen X?.

What four categories did the Charles Schwab survey measure?.

What financial challenges do millennials face?.

Why might millennials manage money better despite those challenges?.

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Millennials Chart a Path Toward Financial Awareness

1 National Financial Awareness Day

2 The Challenges Millennials Face

3 What the Schwab Survey Found

4 Why Millennials Manage Money Better

5 Making Money Management a Priority

Frequently Asked Questions

What is National Financial Awareness Day?

Are millennials really better at managing money than boomers or gen X?

What four categories did the Charles Schwab survey measure?

What financial challenges do millennials face?

Why might millennials manage money better despite those challenges?

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Smart Tips: A Summer Checkup for Your Financial Health

7 Essential Lessons to Teach Your Children About Money

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Financial Awareness: Tips for Lasting Financial Health

Raise Financially Savvy Kids With These Lessons

There's More Than One Way to Slay a Debt

Down Payment Tips for Millennial Homebuyers

Americans Have More Debt Than Ever | Billshark

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Millennials Chart a Path Toward Financial Awareness page context