The Millennial generation, or Gen Y, has gotten a bad rap amongst some of the older folks. Like generations before them, they can be seen by Gen Xers or Baby Boomers as being entitled, narcissistic and irresponsible. But as US News reports, new studies show that that there is far more behind millennial optimism about finances than blind faith.
A new study from the University of Arizona’s Take Charge America Institute reveals a generation that is adaptable and resilient in the face of financial uncertainty. Researchers interviewed students in the fall of 2007 up through 2013. Over 60 percent of the 2,000 survey participant began college with relatively healthy financial habits, which would waver significantly by their senior year in 2010. By last year however, the majority of the study participants had returned to the practice of saving money and making on time bill payments.
Two years past graduation, study participants reported that 49 percent worked full time, 20 percent worked part time or were self-employed, 18 percent were attending graduate school and 6 percent were unemployed.
With participants’ graduation coinciding with the aftermath of the recession, the study showed great versatility in financial planning and struggling through the job search. The study showed that confidence was related to success in financial matters. Participants who felt more confident about their financial footing usually had greater financial education from their parents, and usually fared better than their less confident, less educated counterparts.
To read the full article head over to US News.