I think that the scars from the Great Recession and the pandemic have helped shape millennials' views on money, forcing them to be more focused on their finances than other generations have had to be. That focus has prompted them to learn more about money, get started with investing and savings earlier, become more entrepreneurial and make other financially focused moves that have helped set them up for success.
Despite higher spending-$67,883 annually compared to boomers' $63,761-millennials' expenditures represent a smaller share of their income...they spent 75.8% of their pre-tax income, compared to 83.2% for Gen X and 91% for boomers, signaling a more conservative financial approach.
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