Many a times, millennials get stigmatized as being terrible money managers, whether it‘s indulging in binge shopping instead of enjoying life‘s simple joys, taking on credit like a ruthless tornado engulfing a city or flaunting a sky-dive, while watching their emergency funds vanish into thin air.
The media especially has sketched a complex portrait of the modern millennial today - one whose inclination for binge-watching has pummelled broadcast TV ratings, one whose dependency on social platforms makes Instagram and Facebook the first and last destination to travel to every day, one whose expectations for online and offline experiences has redefined every industry, and one who is crushed by such an oppressive weight of monetary debt that it‘s shrivelled the housing market. The truth is millennials have grown up in some of the toughest financial conditions there has been in decades. As a result, they need to make a living on a much lower income. Not only are they holding down jobs, they are also the most likely to have a second job, or secondary hustle, to keep their income supplementing.
Having said that, it is time to analyse if these millennial stereotypes are still rightfully deserved! Let us look at the common millennial money myths, and decode the reality underlying them.
Millennials are careless about financial investments
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