The Financial Diet
How Millennials And Boomers Do Money Differently (2021x54)
Air date: Jun 07, 2021
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In this episode, Chelsea discusses the differences in how millennials and boomers handle money, much of which has to do with the world and economy they've been faced with.
Entitled millennial stereotype: https://www.youtube.com/watch?v=IZ72kWfZgwc&
Ageist stereotypes: https://hbr.org/2019/08/generational-differences-at-work-are-small-thinking-theyre-big-affects-our-behavior#
Lower average pay for millennials: https://www.cnbc.com/2019/11/05/millennials-earn-20-percent-less-than-boomersdespite-being-better-educated.html
Federal minimum wage: https://www.epi.org/publication/raising-the-federal-minimum-wage-to-15-by-2025-would-lift-the-pay-of-32-million-workers/
Share of workers holding multiple jobs: https://www.reuters.com/article/us-usa-economy-multiple-jobs/share-of-u-s-workers-holding-multiple-jobs-is-rising-new-census-report-shows-idUSKBN2AH2PI
https://www.cnbc.com/2019/09/19/survey-how-much-millennials-gen-x-make-from-side-hustles-on-average.html#:~:text=Millennials%20surveyed%20said%20they%20made,baby%20boomers%20(%245%2C892)%20reported.&text=Millennials%20were%20defined%20as%20those,boomers%20ages%2055%20to%2073
Homeownership by generation: https://www.businessinsider.com/millennials-own-less-real-estate-than-boomers-statistic-2020-1
Homes are more expensive: https://studentloanhero.com/featured/millennials-have-better-worse-than-generations-past/
Rising rental costs: https://studentloanhero.com/featured/millennials-have-better-worse-than-generations-past/
Differences in generational spending: https://smartasset.com/checking-account/how-different-generations-spend-money-2020
Millennials say no to McMansions: https://www.wsj.com/articles/a-growing-problem-in-real-estate-too-many-too-big-houses-11553181782
Banking stats: https://www.thebalance.com/where-do-millennials-bank-and-why-4428054
Rising bank fees:
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