17 Things Baby Boomers Need to Stop Saying to Millennials About Money

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Boomers and Millenials disagree on pretty much everything. Boomers quickly give unsolicited advice, while Millennials believe their way is the only way. This is especially noticeable when it comes to life-changing topics like marriage, mental health, babies, and money. Despite Boomers’ best intentions, times have changed, and their advice only makes the generation gap grow wider. Here are 17 phrases about money boomers need to stop saying to millennials.

Saving talks 


Boomers like to remind Millenials that it is important to save from every paycheck until eternity. However, saving even 10 percent can be too much when one’s earnings barely cover one’s basic expenses. Boomers worked hard, but they had a booming economy. Millennials have their dogs and anxiety. 

Avocado toast and matcha latte


Millennials were forced to find pleasure in little things, like avocado toasts, matcha, and chai lattes. Most Boomers believe these are luxuries, so you will often hear them advise younger generations to give up the only things that bring them joy and put that money into savings accounts. 

Never change your job 


Another common advice is to stay on the job for 30+ years because you might appear unreliable if you change jobs often. Boomers spent decades in companies, and in many cases, that loyalty was awarded. Millennials do not get the same treatment, and the fact that they prioritize mental health is another thing Boomers do not want to take into account. 

Say no to credit cards 


Boomers do not trust credit cards. They prefer cash, perhaps because they can see it. That’s why many insist their children should not use credit cards, and they refuse to acknowledge that many banks offer perks, like welcome bonus credit cards, deals with hotels and airplane companies, and more. 

Seize the day 


While some Boomers insist that you should spend endless hours on your job, others think that you should travel and not worry about money. Usually, this advice comes right after a person finishes college, when they are knee-deep in debt, so worrying about money is a given. 

Renting is wasteful


Many Millennials can’t afford to buy houses. It is a sad reality, especially since most Millennials have higher education than Boomers, yet they earn around 20 percent less than their parents. That’s why renting is the only option. However, for Boomers, buying a house is the only way to live. 

Student loans dilemma 


Boomers worked during summers, making paying off their student debts easier. They genuinely believe that if their Millennial children worked the same jobs while studying, they would be in the same position. However, undergrad degrees went up nearly 170 percent in the last four decades, and even working full-time would not be enough to pay off student debts. 

Degree equals good paying job 


Colleges are costly. But what makes matters worse is that there are no guarantees that even with a PhD, you would get a high-paying job. Still, Boomers insist on education, which is fine, but financial stability is no longer possible, regardless of your degree. 

Work more 

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Boomers keep insisting that Millennials are lazy. However, Millennials work more than any other generation, often juggling two or even three jobs to afford food and rent. According to data, one in four Millennials could not afford necessities without a side hustle, and they still owe an average of $38,877 in student debt. 

Off to the market


Many Boomers gained incredible wealth through investments. Others regret not taking the risk, so they don’t want younger people to have those same regrets. However, the market is now more of a playground for the wealthy, and with the current living prices, there is nothing left for investing. 

Invest in properties 


Saving for a house while paying rent at one of the most hostile markets in modern history is quite a challenge. However, Boomers still believe that owning a property is the best investment. With taxes, mortgages, and all other everyday expenses, buying a house seems like science fiction to most Millennials. 

Emergency funds


Older people often have the best intentions, but the generational gap and the current state of the world make them sound entitled. Some Boomers suggested keeping an emergency fund of $1000. Sadly for everyone involved, no emergency could be solved with $1000 – maybe if you add two more zeros. 

Quality over quantity 


Millennials did not choose fast fashion, low prices chose them. It is hard for Boomers to understand that Millennials have so many clothes or accessories yet nothing in their savings. They need to consider that they wore quality pieces due to affordable prices, and they did not have to buy as many because things did not look worn out after one wash. 

Retire with a pension


Many Boomers spent their careers in the same companies and retired with decent pensions. They will gladly advise Millennials to do the same. The problem? Those jobs are now rare, and according to the 2020 Bureau of Labor Statistics, only 3 percent had access to defined benefit retirement plans. 

Money talk is bad 


Boomers did not talk about finances. Comparing wages and salaries was seen as a sign of bad manners, but Millennials changed that. They are more than willing to disclose their earnings to see where they stand and how they compare to their coworkers and strip off the stigma regarding money talk. 

Children are the best 


Boomers are eager to become grandparents, but many Millennials are still unsure, with finances playing a pivotal role in the decision. Additionally, they know they live in a climate disaster with toxic politics, violence, and inequities, so many wonder whether it would be fair to bring up a child in poverty with no clean air and so much negativity. 

Money equals happiness 

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Millennials know that money can buy experiences, and therefore, they would want nothing more than not to think about it as much. However, younger generations must find satisfaction in surviving and occasionally sipping matcha latte because they can’t earn enough for happiness. Boomers will never understand that, though happiness was never defined through material possessions. 

Boomers are almost 10 times richer than Millennials 

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Since Boomers hold nearly 53 percent of the US wealth, compared to 5.7 percent owned by Millennials, it is time to put the money talk to rest. While Millennials stand to become the wealthiest generation in history, that will only happen after the Silent Generation and Boomers hand over their wealth.   

Kate Smith, a self-proclaimed word nerd who relishes the power of language to inform, entertain, and inspire. Kate's passion for sharing knowledge and sparking meaningful conversations fuels her every word.