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CORRECTED-COLUMN-Millennials reaching middle age and starting to earn real money
2015年11月4日 / 下午1点05分 / 2 年前

CORRECTED-COLUMN-Millennials reaching middle age and starting to earn real money

(Corrects source of data in paragraphs five and eight to
Merrill Edge from Merrill Lynch)
    By Bobbi Rebell
    NEW YORK, Nov 4 (Reuters) - Millennials are starting to earn
real money. The oldest of them are pushing 35 years old, an age
that is considered by some to be - OMG - middle age. 
    In previous generations, they would be fully independent
grownups. But these days, the cord cutting seems to be limited
to televisions.
    As millennials make big, life-changing purchases, such as
buying their first home, they do not want to go it alone,
according to new data from Ameriprise Financial.  
    When it comes to major purchases, millennials with
investable assets over $25,000 are more likely than older
generations to rely on advice from someone else. That person is
often mom, dad, other family members and older, more experienced
people, in general. 
    And they will be spending more in 2016. A recent report from
Merrill Edge found 61 percent of millennials expect to
spend more this coming year, compared with Generation X-ers,
baby boomers and seniors (26 percent). 
    Millennials are simply reacting to the world they grew up
in. This is, after all, the generation raised by helicopter
parents. So why change? After all, even Google has a take your
parents to work day. If Kim Kardashian can turn to her mother,
or "Momager" as she is often called, for advice, why not
everyone else? 
    "While millennials may have a tendency to be more impulsive
about certain decisions, recent research leads me to believe
that the majority are really trying to learn from what their
parents went through and are using that knowledge to make
informed financial choices," says Marcy Keckler, vice president
of financial advice strategy at Ameriprise.
    Millennials tread carefully when it comes to laying out the
big bucks. They also treat their money differently than previous
generations. They are three times more likely than other
generational groups to justify a large expense if it generates
lasting memories, according to Merrill Edge. It is not about the
ownership, it is about the experience. 
    This is a generation that wants to have stuff but is wary of
the risks of ownership. So far, they prefer to lease cars, not
buy them. And they have no aversion to renting clothing for a
big event. 
    Not all risk is bad, though, warns Keckler. It just has to
be appropriate. For example, many millennials are wary of stocks
because they saw their parents' savings get whacked after the
Internet bubble, taking more than a decade to recover.
    "This generation is just starting to enter their strong
earning years, so they are moving past the point where the
majority of their spending is concentrated on essentials and
paying down debt," Keckler says. "Now, millennials are focusing
on their future and looking at buying a new car, a home, and
other big investments."
    One thing some millennials are particularly wary of is
investing in stocks. Eleven percent stay out of the stock market
when it becomes volatile, and 14 percent are making investments
guaranteed to never lose money, according data from to
Minneapolis, Minnesota-based financial services company
    "They have not seen a massive bull market like we did in the
90"s," notes Cary Carbonaro, a certified financial planner and
author of "The Money Queen's Guide." "The 2000s were the lost
decade. It was the only time when you barely made money and only
if you did everything right." 
    While millennials pay attention to what mom and dad have to
say, Ameriprise found that they also want other advice from
outside sources. That can come from investment advisers as well
as online tools. 
    In addition to working with a financial planner, which is
always a good idea, Carbonaro recommends Khan Academy videos for
young people looking to get up to speed. At the very least, they
will know the questions to ask when they do go to a planner for
advice. She says many planners will work with young people
starting out for as little as $100 an hour.
    But when it comes to the bottom line on money advice, the
millennials know, no one will ever have their back like mom and

 (Editing by Lauren Young and Alan Crosby)

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