Boomers may not always know how to turn a word doc into a PDF, but they do teach their kids about money! 🤑 If only they'd stop making fun of rap music and ripped jeans. 😑
It should be said that money was a taboo topic for many baby boomers growing up. According to a couple of recent surveys, they're bringing household finances out in the open. 💰🗣️
Here’s Five Fast Facts on boomers and personal finance:
- 🌐 A Whole New World - According to a recent Forbes Advisor survey, 73% of millennials grew up in families that talked about money. That's a big difference from the 41% of boomers who discussed finances with their parents.
- 💵 Money Talks - The survey also found that boomers were the least likely to come from families that openly talked about money. Generation Z came in next at 55% and 57% of Generation X respondents say they discussed finances with the fam.
- 👨👩👧 Let's Chat - Another survey found that Americans are having their first family money talks at steadily younger ages. Boomers reported having their first family money talk at age 22. Generation X had the talk at 20, millennials at 18 and Gen Z at 15.
- 🤐 Zip Your Lip - Boomers were raised by the Greatest and Silent Generations who didn’t really have money chats with their kids. Times were much different back then, as many parents tried to shield their children from bad news. Memories of the Great Depression probably also came into play.
- 🔄 Trillion Dollar Transfer - The baby boomer generation holds almost $80 trillion in assets. Much of this will get passed down to their millennial children, which could be the largest transfer of wealth in American history.
🔥Bottom line: It's great to see money becoming less taboo through the generations. The earlier you learn how to handle money, the less likely you are to make common money mistakes as an adult. You know what else old heads like? Going to Florida! Catch up on why so many are flocking to the Sunshine State right here.
What's one tip your parents taught you about money?
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