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11 millennial money myths that simply aren’t true

Millennial myth-busting
Myth 1: Millennials aren’t prioritising long-term saving
Truth: Millennials are saving in certain areas
Myth 2: Buying non-essential items prevents millennials from saving
Truth: Living expenses, not avocado toast,  prevent millennials from saving
Myth 3: Millennials don’t have traditional life goals
Truth: Millennials are reaching these goals later in life
Myth 4: Millennials are drowning in debt
Truth: Millennials do have a lot of debt – but it’s unavoidable
Myth 5: Millennials are entitled
Truth: Millennials want to do things differently
Myth 6: Millennials are killing off business
Truth: Millennials are creating new ones
Myth 7: Millennials use credit cards recklessly
Truth: Millennials have less credit card debt than other generations
Myth 8: Millennials don’t care about their credit rating
Truth: Millennials don’t trust credit cards
Myth 9: Millennials don’t work hard
Truth: Millennials work long hours and have side hustles
Myth 10: Millennials don’t plan for the future
Truth: Millennials already have a lot on their plates
Myth 11: Millennials are too interested in keeping up with the Kardashians
Truth: Millennials aren't behaving any differently to past generations
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Millennial myth-busting

The term millennials is one that crops up all over these place these days. It technically refers to those people born between 1981-1996 (aged 23-38) although broader definitions include those as young as 18. Among other criticisms, this group is often derided as self-obsessed, entitled, lazy and bad with money. But actually millennials are far more savvy than you might suspect, as we'll show you.

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Frances Carruthers

07 August 2019

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