7 Money Habits Baby Boomers Have That Millennials Should Copy

Core Insights - Boomers and millennials have experienced different financial trajectories due to the economic conditions during their formative years, with Boomers benefiting from stable jobs and affordable housing, while millennials face challenges like student debt and high housing costs [1] Group 1: Retirement Savings - Boomers are significantly more likely to have saved for retirement and contributed to workplace plans compared to millennials, highlighting the importance of prioritizing retirement savings for younger generations [3] - Automating retirement contributions can alleviate stress and ensure consistent savings over time [3] - Employer matching funds can greatly enhance savings, and Boomers tend to defer more money to take advantage of these benefits [4] Group 2: Employment Stability - Boomers generally hold their jobs longer than millennials, which can lead to increased salaries, better benefits, and more opportunities for employer matching contributions [6] - In a stagnant job market, millennials may benefit from staying in their current positions rather than seeking new opportunities [6] Group 3: Credit Management - Older generations typically utilize less of their available credit, resulting in lower revolving credit utilization compared to millennials, who have seen their credit card balances increase significantly [7] - High-interest credit card debt can lead to substantial financial burdens over time due to interest fees [7]