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“The 2008 financial crisis and the subsequent recession had a significant impact on millennials and their money habits, even though many of today’s twenty- and thirty-somethings were students when Lehman Brothers collapsed 10 years ago.
A recent survey by Charles Schwab finds that 81 percent of those ages 16 to 25 watched their parents experience financial hardship following the 2008 financial crisis. And watching their parents struggle seems to have had a positive influence on millennials when it comes to how they save.
Over 40 percent of millennials report setting aside money on a monthly basis, according to the Allianz Life Generations study. That’s compared to 36 percent of Gen-Xers who report similar monthly savings. Allianz speculates that millennials are outperforming Gen X in part because they learned caution from observing their parents.”
JJ Editor's Picks
"Most people think of ancient Nubia, if they think of it at all, as a poor imitation and perpetual vassal of Pharaonic Egypt. Archaeological discoveries in recent decades have proved them wrong, incrementally revealing magnificent kingdoms. The..."
"“Happiness is a butterfly which, when pursued, is always just beyond your grasp, but which, if you sit down quietly, may alight upon you.” Screw that. The saying, sometimes attributed to the novelist Nathaniel Hawthorne, cautions us to not..."
"The fires we see are only part of our disturbed pyrogeography. Of perhaps equal magnitude is a parallel world of lost, missing and sublimated fires. The landscapes that should have fire and don’t. The marinating of the atmosphere by greenhouse..."
"Acouple of weeks ago, we had our three-month-old son christened at the Methodist church in the County Durham village where my partner, Edie, grew up. I’m not religious myself, but Edie was raised in the church — her dad leads the singing for..."
"Igot my first email containing the words "Black Friday" in April. "Black Friday was a bit of a disaster for us (unsure why we expected otherwise) and we said we'd make it up to you in the near future," wrote the cult beauty brand Deciem, whose..."
"Zeitgeist-defining movies have a way of reshaping reality so that what was distinctive about them becomes too familiar to even notice. It takes effort to appreciate how unusual it was for Star Wars to treat spaceships like rusty jalopies, that..."
"Israeli kingmaker politician Avigdor Lieberman on Wednesday refused to endorse a candidate for prime minister, blaming both the contenders engaged in a tense standoff that has paralyzed Israeli politics and pushing the country toward a likely..."
"Bias is an unavoidable feature of life, the result of the necessarily limited view of the world that any single person or group can achieve. But social bias can be reflected and amplified by artificial intelligence in dangerous ways, whether it..."