There's a good chance those entitled, lazy Millennials you're always griping about are better financially prepared than you were at their age.
High net worth Millennials - those under age 35 - are more confident and prepared than previous generations because of the support they receive from family, according to a survey by RBC Wealth Management. The majority of Millennials (80%) say they feel responsible for understanding their own financial affairs, while 69% reported they conduct their own financial research. That latter point is especially noteworthy, as just 61% of Generation X (35 to 55), and 47% of Baby Boomers (over 55), reported they do the same.
Unfortunately, thanks to the financial crisis, most Millennials had to learn about finance on the fly. Millennials began their formal education on financial issues around age 20, while Gen-Xers said they started learning around age 25, and Baby Boomers around age 32.
"Millennials are more educated than previous generations, with more attending college than their parents and grandparents," said Angie O'Leary, head of Wealth Planning at RBC Wealth Management-U.S. "They're a more mindful generation with a global perspective, all of which has factored into their sense of responsibility about finances."
Unfortunately, that means economic fluctuations are taking a disproportionate toll on the nation's youngest adults. According to a report from Merrill Lynch, Millennial employees (67%) are more than twice as likely as Baby Boomers (32%) to report that financial stress interferes with their ability to focus and be productive at work. While 43% of employees spend an average of three or more working hours per week on personal finances, and 21% spend five hours or more, Millennials dedicate four hours of their work week to personal finances. That's double the amount of time dedicated by Gen Xers and four times that of Baby Boomers.