November 20, 2019

The Crash Taught a Generation How to Be Cautious with Money

“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.”

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