Millennial s are financially illiterate

[Brillopad]

https://www.express.co.uk/life-style/life/988997/millennials-financially-illiterate-paper-digital-documents

Interesting article. Can’t say I’m surprised by the results mentioned.

I always have a paper copy of important things like bank statements.

[Underscore]

I always keep paper copies but I can't say I ever look back on them, they just go into a ring binder.

[Cal.]

I handle my business bitch!

[Brillopad]

I always keep paper copies but I can't say I ever look back on them, they just go into a ring binder.

It’s reassuring to know are there though if you need them. No problems with batteries or breakdowns.

[user104658]

Most people are financially illiterate...

[arista]

I handle my business bitch!


how nice

[user104658]

Also this;

"The other thing hurting young people is the housing market. When you go to rent a flat the landlord will ask for bills or bank statements and they have to be original copies"

Is utter nonsense. It was an issue ten years ago but these days everyone knows that most companies and banks don't send out paper bills, statements (and increasingly, even payslips) and printed copies are almost universally accepted.

The problem there isn't so much them "not being accepted", as how easy it is for people to manipulate and alter documents.

[Ashley.]

I keep all my important documents in a folder under separate tabs so everything is easily located. Takes me a while to flick through but much more efficient than if everything was kept in an unorganised, discarded pile.

[Brillopad]

I keep all my important documents in a folder under separate tabs so everything is easily located. Takes me a while to flick through but much more efficient than if everything was kept in an unorganised, discarded pile.

Paper copies can be kept in organised files as well. Why would you think they can’t.

[Tom4784]

It's just basically another 'MILLENIALS ARE TO BLAME FOR EVERYTHING!' article that's basically become a meme at this point.

It's mostly bull**** as well, it's not a problem that's exclusive to the younger generations plus the points raised in the article seem like they are trying to force disconnected dots to connect.

[Ashley.]

Paper copies can be kept in organised files as well. Why would you think they can’t.

I think you've misunderstood my post - because I just said I keep them all in an organised folder. I just separate them under different tabs so that I have an easier time accessing them.

[Vicky.]

Don't think I am classed as a millenial (tbh not even totally sure what one is) but I admit to being financially illiterate :laugh: I am ****ing terrible with anything budget related and that and have no paper copies of statements or anything, though tbf thats because banks encourage you to go 'paperless' these days. Mind even when I got paper ones, the kids would draw on them or they would get lost anyway so thats not really an excuse

Edit. Ah seems I am...born between 1980 and 1990. Nice to not be too old to have a ridiculous new label :D

[Brillopad]

I think you've misunderstood my post - because I just said I keep them all in an organised folder. I just separate them under different tabs so that I have an easier time accessing them.

I don’t think I have Ashley as you seem to be saying that paper copies would otherwise be kept in an ‘unorganised, discarded pile’. My point was that paper copies can also be kept in organised files.

Sorry Ashley - I did get it wrong. I thought you were talking of files/tabs on a PC.

[Mystic Mock]

Tbh people in general are financially illiterate.

It's shocking how much money people spend when they don't have enough money coming back in.

[Crimson Dynamo]

If my eldest is anything to go by then yes

I have just had to sort out her energy bill and account, she had no clue about meter readings and how energy is paid for. An absolute mess and cost me £258

:skull:

I blame her mother:

[Brillopad]

If my eldest is anything to go by then yes

I have just had to sort out her energy bill and account, she had no clue about meter readings and how energy is paid for. An absolute mess and cost me £258

:skull:

I blame her mother:

:joker:

[Kizzy]

Young people have more financial pressure than ever... (bore off if you don't think so I don't care)
It's very easy FOR ANYONE now to get in financial difficulties, it used to be hell trying to get loans..remember all the hoops? Now there are companies literally throwing money at you it's very very easy to be tempted by credit, buy now pay later deals, 0% finance.
Far from being financially illiterate you have to have a GCSE in economics to juggle all your incomings and outgoings!

[smudgie]

Young people have more financial pressure than ever... (bore off if you don't think so I don't care)
It's very easy FOR ANYONE now to get in financial difficulties, it used to be hell trying to get loans..remember all the hoops? Now there are companies literally throwing money at you it's very very easy to be tempted by credit, buy now pay later deals, 0% finance.
Far from being financially illiterate you have to have a GCSE in economics to juggle all your incomings and outgoings!

More or less what I think.
Different times now to when we were growing up.
We had no choice but to do without and be careful with what we had.
Money and debt are far too easy nowadays...and bank of mum and dad.

[Brillopad]

Young people have more financial pressure than ever... (bore off if you don't think so I don't care)
It's very easy FOR ANYONE now to get in financial difficulties, it used to be hell trying to get loans..remember all the hoops? Now there are companies literally throwing money at you it's very very easy to be tempted by credit, buy now pay later deals, 0% finance.
Far from being financially illiterate you have to have a GCSE in economics to juggle all your incomings and outgoings!

Where’s the personal responsibility in that? Tempting yes - but still many do manage to resist. I think we come back to that culture of having everything now rather than waiting until you can afford it.

[user104658]

I'm not going to lie about having a stupid amount of debt that I'm still trying to dig out of, to be fair... But it has nothing to do with not understanding money. I ran up the debts in my early 20's and it's not that I didn't understand it; I was just at a stage of my life where I simply didn't care, and I think that's the real risk with large amounts of credit being available at a young age.

[Kizzy]

Where’s the personal responsibility in that? Tempting yes - but still many do manage to resist. I think we come back to that culture of having everything now rather than waiting until you can afford it.

Many do yes, many people in my generation do...and some don't.
How do you know if we had had the payday/ unsecured loan culture then we wouldn't be in the same boat?...
Stop trying to demonise young people, it's not rational.

[Maru]

I have the opposite problem. We are stingy, but a lot of people in our age bracket are financially reckless. I've helped friends to get their stuff straightened out in the past and usually am the one to nag on someone for overpaying for something ridiculous.

I'm really good about remembering near contract end dates, calling billers and renegotiating fees, etc. I have to say, I don't mind being a pain in the ass... and yes, have to remember to call before contracts go out, etc...

@LT Electric is a pain here because the savings are based on usage, which means you have to know your meter readings (it's charted on the bill usually, but not necessarily...)... it's a multi-Tier type plan (charged different things based on usage bracket) in markets (depends on the state) that are deregulated. So have to read the fine print and watch for low usage fees, etc.

At least they've regulated the label itself where it's laid out the same from each plan to the next. So they all have to use the same formatting, so that keeps that simpler at least... I don't necessarily mind that it's multi-Tier, because it's based on how much energy they end to "buy"... and of course, for some people, they will charge more for a lower usage plan... but then if you have a wash-house for example on it's own meter, then it pays nicely to have a 6mo contract... annoying to renew, but the rate is really low.

Online makes things so much simpler than it used to be imo when it comes to saving money. I can renew most of my plans online and there's no excuse when there is really no shortage of information (i.e. search engines)... also it's difficult to be duped by a scammy company with things like Nextdoor and review sites but means there is more competition since people are more likely to leave their "known" brands for something with better value. I think it's so much easier now than it's ever used to be, so I don't think the current generation should have any excuse...

[Brillopad]

Many do yes, many people in my generation do...and some don't.
How do you know if we had had the payday/ unsecured loan culture then we wouldn't be in the same boat?...
Stop trying to demonise young people, it's not rational.

I don’t see it as demonising anyone - just being realistic. I know we can all be irresponsible when young, I know I was, but today’s young often seem to want it all and right now - but endlessly moan about how hard done by they are and not wanting to take any responsibility for the choices they make. Personal responsibility is an important thing to take on board in my opinion. You won’t get far without it.

[Beso]

I always keep paper copies but I can't say I ever look back on them, they just go into a ring binder.

A what:conf:

[Brillopad]

A what:conf:

File.

[Cherie]

Nope don't keep any paper copies all my bank statements are online :worry: I suppose I should be I can't be arsed with loads of paper and printing

[Maru]

(Post Moved)

Oh and it really pays to harass companies through their Twitter handles... so much easier to get ahold of Retentions now. It used to be you had to find the corporate "executive" customer service phone # hidden somewhere on a bulletin board... now most companies find these "problem accounts" on social media... just complain about the company in a tweet and they'll tweet you in a few minutes asking if they can help.

Though the CEO/executive line is still useful for things like lazy Comcast contractors who won't actually look at the lines (and lie about tests)... took us 3 months of cycling through the customer support loop (tech first, more important guy next, even more importanter guy next... oh he fudged the test? Gotta start all over)... took me a few days to get it fixed once I found the CEO/executive number and turns out squirrels chewed the sh** out of the lines at our apartment(s)... and yeah, that was really fun because this was when I was in college with some online classes as well with 56K speed internetz... but yeah my mother was vocally and emotionally impaired and I had to play her on the phone to get stuff done... so I learned about run-around and how to skip the bullsh** fast... I still remember before the era of cell phones when in the rare instance a local TV station would get multiple reports about problems with a major company, they find and put up their executive phone #... I imagine that number got changed real quick when that happened...

[Marsh.]

I always save my online statements and print them off to go through them each month.

Does that make me good with money or paranoid of banks? :hehe:

I don't keep the paper copy very long though. Gets shredded at some point.

[Josy]

Im a millenial I think (more labels pfft)

I'm not financially illiterate.
I don’t think I have Ashley as you seem to be saying that paper copies would otherwise be kept in an ‘unorganised, discarded pile’. My point was that paper copies can also be kept in organised files.
Ashley uses paper copies and files them so yes you did pick her up wrongNope don't keep any paper copies all my bank statements are online :worry: I suppose I should be I can't be arsed with loads of paper and printingYou can save them as pdf to your computer and file them on there to save printing them

[Cherie]

Im a millenial I think (more labels pfft)

I'm not financially illiterate.

Ashley uses paper copies and files them so yes you did pick her up wrongYou can save them as pdf to your computer and file them on there to save printing them

Oh thats a good idea never thought of doing that I should do that shouldnt 1 D:

[Josy]

Oh thats a good idea never thought of doing that I should do that shouldnt 1 D:Well I would say so but then I have every single wageslip bar 1 from my very first job up til now [emoji23]

[Cherie]

Well I would say so but then I have every single wageslip bar 1 from my very first job up til now [emoji23]

Oh gosh not good with those either and they are online as well :laugh:

I chuck everything out, would be nice to have old payslips

[bots]

younger people may seem care free, but they still manage to pay phone bills, rent etc. People don't need to save all details away, just the important stuff (to them) which most do. For as long as i remember, the younger generations have always been seen as irresponsible and it's just not true, they just have different priorities compared to other generations.

[Maru]

younger people may seem care free, but they still manage to pay phone bills, rent etc. People don't need to save all details away, just the important stuff (to them) which most do. For as long as i remember, the younger generations have always been seen as irresponsible and it's just not true, they just have different priorities compared to other generations.

Yeah I think that's true, especially when we often compare them to the Greatest Generation. I think it's also a natural part of the growing pains in terms of evolving more towards being a digital culture

I know anecdoctally I don't know many people who are "smart" with money (smart in my definition anyway). But then, I think that's a lot of people... not just most generations. The other part of that though, a lot of people in my generation are either not buying homes... a lot of things change if you decide to buy a home. Can't complain to the landlord when the pipes bust, you either have to repair it yourself or hire someone... in the NE, it was usually hire someone, but where I am at now, a lot of kids can manage simple car repairs or replacing a pipe. Their parents were often poorer, more blue collar and still are passing those skills down to the next generation... that saves a lot of money right there.

[Niamh.]

Nope don't keep any paper copies all my bank statements are online :worry: I suppose I should be I can't be arsed with loads of paper and printing

Same here, If I need statements I just order them and I do the wages here so I can just reprint pay slips if I need them :shrug: Most things that you need copies of statements etc for need them to be recent anyway so it's kind of pointless keeping years old statements and payslips etc

[user104658]

Same here, If I need statements I just order them and I do the wages here so I can just reprint pay slips if I need them :shrug: Most things that you need copies of statements etc for need them to be recent anyway so it's kind of pointless keeping years old statements and payslips etc

Excatly... you only ever need to keep the most RECENT bill for each thing, assuming that the bill is correct. I have no idea why people keep phone bills / utility bills / credit statements going back years. Every time you get one, throw the last one away :shrug:.