5 Financial Mistakes To Unlearn Now
Millennials Say Boomer Parents Are to Blame for ‘Shameful’ Money Habits — 5 Financial Mistakes To Unlearn Now
David Nadelle Sat, September 16, 2023
While only 27% of Americans across all ages say their money-saving habits are “excellent,” 65% of millennials and Gen Z-ers are worried about baby boomers’ impact on their future, finds a new study.
The survey, conducted by OnePoll for National Debt Relief between Aug. 4-8, 2023, found that although younger generations were concerned about the effect older generations’ financial decisions will have on them, 62% of all respondents (split evenly by generation) admit they make poor money decisions sometimes. Almost half (48%) of respondents said their parents influenced their money habits.
With 51% of respondents admitting they have been in debt at some point, and 42% currently experiencing money troubles, the study also found that many Americans are eager to destigmatize “shameful” debt (36%) and are taking responsibility for their bad spending and savings habits.
“There’s a lot of guilt and shame people feel when they’re in debt and that needs to change,” said Natalia Brown, chief client operations officer at National Debt Relief. “The data shows that most of us face challenges with money and that none of us are alone in that.”
Here are the five most common bad money habits — and ones you need to unlearn as soon as possible — according to the National Debt Relief/OnePoll study:
1. Writing Off Small Purchases As Insignificant (43%)
It’s easy to make simple purchases that can add up over time, so you have to hold yourself accountable for how you spend your money. Even if it seems like an insignificant purchase, write it down or acknowledge it. Spending even a few extra dollars a week can account for hundreds of dollars a year. And resist the urge to make impulsive buys or in-app purchases.
2. Gambling (39%)
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