· Not budgeting at all
Millennials work hard and are more likely to stay in a job they don’t like for the financial benefits. Unfortunately though, they are not that great at practicing good habits like budgeting.
A big chunk of their money goes to groceries and they are also more excited about eating out at restaurants which many don’t realize they can’t keep up with.
More millennials need to start working with monthly budgets and stick to them so they have a better understanding of where their money is going.
· Relying too heavily on parents
Many millennials are still getting a good amount of financial support from their parents despite having jobs and careers. And, there are many millennials who still want to live a life of luxury making big purchases and taking expensive trips while expecting pocket money from their folks.
Of course your parents love you but it’s not fair to place a huge burden on them while they are also trying to figure out life after retirement.
More millennials need to learn better financial strategies to ease the pressure on their parents.
· Ignoring the need for financial literacy
It’s also a common thing for millennials to put aside financial wisdom. This has led to situations where they are not able to make wise decisions for the long term health of their finances simply because they don’t have a deep understanding of how money works.
The good thing is that this can change if more millennials make use of available resources to have a better relationship with their money.