Generation Y differs from previous generations in that it values collaboration and financial openness. Twenty-eight percent of Millennials (78%) say they have had serious financial discussions with their partner, compared to 72% of Gen Xers and only 58% of Boomers.
Millennials (60%) want to talk about financial objectives with their parents more regularly, and with a financial advisor far more than 30% of Gen X (12%) and Boomers (9%) combined Would like to attend meetings.
Unsurprisingly, 72% of Millennials believe that debt and other financial obligations should be mentioned before forming a relationship; Millennial women are more likely to favor complete transparency (76%) than men (68%). Women in their twenties are more likely to agree that money should be discussed early in the relationship (35% versus 24% for Millennial men).
However, worry and financial worries undermine active efforts in financial reform.
Of the 41% of Millennials who consider themselves to be money savvy, 60% said it is important to learn and participate in financial planning and investing. But a little over half (51%) say they are still worried about money remaining from childhood. Millennials were most likely to confess that their parents were “always worried about money and they were too” (30%) and that money was a source of stress at home when they were growing up (20 %).