Millennials have really done greatly for humanity, impacting a lot in the lives of one another. They’ve also been involved in making things work out proficiently. In fact, without them, I don’t think the world would have been better. Living calmly and helping one another achieve their goals is something that has really proven their worth in the society. They can virtually do everything humanity needs to survive.

There are miscellaneous misconceptions about these young ones. Is it a factual truth that they don’t spend wisely? Can’t they save for retirement? Let’s consider some myths and truths about them discussed by techy.ng writer, John Ade.

1. Millennials can’t control their spending

Sometimes, you’re held responsible for doing things merrily that people spend money on, mortified for not doing the right thing- not spending wisely.  People suffer emotionally because they are shamed for not spending judiciously. But the reality, according to NerdWallet analysis, is that millennials spend less than others think of them. They don’t spend much on alcohol, clothing, and entertainment.

2.They are job hoppers

Generation X talks a lot about generation Y - the millennials - that they never actually secure a job for themselves but would rather be in search of greener pastures. But this is not true as the Pew Research Centre analysis of government data, says that 22% of millennials have worked for their employers for more than four years. The research, when it was compared to generation X in 2000 (when they were as young as these individuals) found that this current generation is really keeping a good record at work than the last generation, generation X. It says that educated millennials from college do better than the last generation.

The fact remains that, it isn’t wrong when millennials get a more lucrative job; it helps them make tremendous changes in life.

3. Millennials Are unaspiring and Lazy

Generation X has the belief that millennials are lazy, they can’t aspire or even advocate for themselves.

But is the statement really true? Are millennials unaspiring? Can’t they advocate for themselves, even at work?

A research from Bank of America reports that millennials are always ready to ask for a raise even at their workplace. They aren’t so lazy if they can ask for such at their place of work. According to the data, 46% of millennials have asked for a raise compared with 36% of Generation X.     

Asking for a raise is a key to financial security because raises help them save for retirements.   

4. They don’t Plan to own Houses

According to Generation X, they don’t own houses because they are financially unstable. But millennials have proven this to be false. With the music industry today, many a millennial, not only own a house of their own, but houses to rent out for additional income. In fact, from the research conducted by NetWallet, millennials make it clear that owning a house is a topmost priority.   

5. Millennials don’t Save for Retirement

To be honest, research has confirmed that no generation is saving for retirement as it ought to. So, millennials, considered to be between the ages of 22-37, aren’t worse than their parents and grannies.

On the contrary, they don’t have enough access to an employer-sponsored retirement plan; they fail to actually save up more often. This was proven right by the Pew Charitable Trusts – that more than two-thirds of millennials don’t have one employer-sponsored retirement plan.

So millennials have a lot to contribute. They are always inspiring others to move on with them, they secure financial security for themselves more than ever.

 

Published by Peter Garlow