Generational Money Talks
HOW YOU TALK ABOUT MONEY REALLY MATTERS. HERE’S WHAT PEOPLE OF DIFFERENT GENERATIONS ACROSS THE COUNTRY TOLD US.
Money Talk Is On The Rise
Boomers say the "money talk" is one of the most important conversations they can have with their kids—even more important than the "birds and the bees" talk.
Parents of Boomers Avoided Money Talk VS. Parents of Millennials Talked About It A Lot
20% of Boomers were told by their parents how much money they madebr /> 34% of Boomers say their parents spoke about money with them
74% of Millennials have had a “money talk” with their parents
54% of Millennials are told by their parents how much money they make
The “Money Talk” Boosts Financial Confidence And Preparedness
Millennials are more confident than Boomers in their financial decisions and have started much earlier to plan for retirement.
78% of Millennials follow a budget, as opposed to 59% of Boomers
77% of Millennials say they have confidence to make complex financial decisions, compared to 61% of Boomers
64% of Millennials are optimistic about their financial future, compared to 57% of Boomers
Increasing Financial Candor Is Good News For Future Generations
Because Boomers are more open about money, Millennials are saving for retirement and talking money with their kids earlier.
23 Years old VS. 40 Years old
Millennials began socking away for retirement at age 23 — 17 years sooner than Boomers got going
13 Years old VS. 15 Years old
Millennials plan to start teaching their kids about money at the age of 13 — a two year head start on Boomers
HAVE THE MONEY TALK
About the Data: Chase commissioned an online survey about personal financial views and habits. The survey is among a nationally representative sample of 2,021 adults (18-years-old and older) living in the continental United States with an oversample to obtain 200 respondents in the following cities: New York, Los Angeles, Chicago, Dallas, Phoenix, Columbus, Miami and San Diego. The survey was conducted between June 9th and June 17th, 2016 with a margin of error of +/- 2.18 percent at the national level and +/- 7.93 percent at the local market level with a 95% confidence level.
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