Millennials are surprisingly Frugal

In general, millennials have a new dilemma in reaching the valuable 18-34 year old age group. With new research following the pandemic showing that they are less materialistic than their predecessors and more concerned with health, well-being and achieving career goals. This research might conflict with what has been stated already. It is because several studies show that they have faced one setback after another. Stagnant wages, ballooning student loan debt, and increased medical and housing costs combine to ensure that millennials on average have less money to spend than did the previous generations.

Alyssa James, 33 years old, says, “I just spend my money on what’s important to me”. It just so happens that she does not believe in wasting money and is extremely frugal when it comes to managing her income. “if I don’t have it, I dont spend or charge it. It is a KISS method that I have learned from my parents growing up and I have used it ever since.”

I suppose that there are a vast majority of millennials with a multitude of financial budgeting experiences. The bottomline is that it comes down to several main factors such as real life, personal experiences, income, lifestyle, college debt, credit and how a person sees money.

The reality is that there are compensating factors in how a person was raised, low-middle-wealthy. Your environment growing up plays a major role in your perspectives, opinions and action. For example; do you have either self-discipline or self-determination to develop money management skill that make you lose or frugal with your dollars?