According to a new survey, managing money is not a top priority for millennials. The survey claims millennials—people born between 1981 and 1996—are more focused on engaging on “social media or playing with pets” instead of examining their financial status.
It was also disclosed that millennials are more inclined to “surf streaming services, care for houseplants or ponder what to eat for dinner” for longer periods than reviewing their funds.
“It’s also about taking a proactive role in managing and developing healthy money habits.”
Observers say millennials use tools like auto-pay to pay bills. The problem with auto pay is that users may not see what is in their accounts before bills are deducted routinely from a credit card, checking, or savings account.
“People tend to underestimate their expenses, especially when using auto-pay,” Kischell says per Talker News.
On the upside, the study revealed that millennials want to be more in control of their finances as most concurred cultivating good financial habits at a young age is significant.
Experts say using digital banking or financial tools to monitor accounts daily, not signing up for extra financial services, setting up monthly budgets, and working with financial planners are among tools millennials can use to control their debt and savings and help avoid impulsive spending.