Millennials Money Habits, What They Really Think: Consolidated Credit Brings You Infographic Insight

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Feb 03, 2015, 08:27 ET

FORT LAUDERDALE, Fla., Feb. 3, 2015 /PRNewswire/ -- After evaluating almost 100 opinion polls, Consolidated Credit created an infographic summarizing What Millennials Really Think About Money. The results make clear that this generation is different– and there's a reason why.

The 2008 financial crisis changed the way Millennials view money. Their attitude toward credit cards, family and money, and where they do their financial transactions shifted. While Gen Xers and Baby Boomers practice similar financial habits, such as credit card ownership, Millennials don't.

What Do Millennials Think About Money? Not What Their Parents Taught Them. Consolidated Credit wanted to know what Millennials think about money, so they reviewed nearly one hundred opinion polls conducted by Millennials about their personal finances. The results were quite contrary to Baby Boomers. When asked about credit cards, sixty-three percent of Millennials said they don't have a credit card and don't want one, while only thirty-five percent of Baby Boomer Concurred.

Findings include:

Most Millennials don't have credit cards and aren't interested in applying for one.
Thirty percent of Millennials merged bank accounts before they were married, compared to twelve percent of Baby Boomers.
Millennial moms want to have babies, but cringe at the thought of becoming stay at home moms.
Doing business with pawn shops and prepaid cards is more appealing than relying on the banking industry.

"After witnessing the financial crises and the role the banking industry played in it, Millennials are skeptical when it comes to traditional banking," says Gary Herman, president of Consolidated Credit. "But that doesn't make their decisions to trust other sources right."

When asked why they turn to alternative financial services such as prepaid cards, Millennials identified the products as convenient (42 percent), have more predictable fees (31 percent), and say the products generally better meet their needs (30 percent), according to a Harris Interactive survey.

Although this generation is plagued with high levels of student loan debt, a job market that's not exactly throwing money at them, and the worry of ever being able to buy a home, Consolidated Credit found that Millennials "want to do more than make money." This generation hopes to "make a positive social impact."

Herman says, "With so many troubling social issues besides financial concerns in the news, it's great to see that Millennials want to make a difference, but to do that, they'll have to better manage their finances. It all works hand in hand."

About: Consolidated Credit, founded in 1993, is one of the nation's largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to assist families in ending financial crisis and solving money management problems through education and professional counseling.

Contact:

April Lewis-Parks
954-326-1671
[email protected]

Photo - http://photos.prnewswire.com/prnh/20150202/172965-INFO

SOURCE Consolidated Credit