Millennials experienced a financial set back that cost them valuable materials.
OVER THE PAST YEAR,
55% of Millennials think that Baby Boomers left them with accumulated economic debt and are expected to support them with Social Security and retirement.
Baby Boomers POV
Today, Millennials focus more on spending their money on better lifestyles and experiences than growing their income. For example, multiple Baby Boomers invested in stocks which turned into bigger investments, allowing leighway for economic growth and financial stability. Millennials are also more supportive on progressive issues and are more likely to "waste" their money on support for causes that the Baby Boomers didn't have access to. Millennial's have more access to the internet and are more willing to buy online, an opportunity that Baby Boomers again, didn't have.
Almost everything back in the 60's, 70's, and 80's cost 50% less than what it does now which is why loans were widely used back then. They were easy to pay off because of how cheap they were, nothing compared to a car or educational loan today. Many Millennials today think that, even though things cost less back then, it accumulated over time and their economic decisions effected the economy today.
Millennials have reported bankruptcy due to debt they have accumulated by transfer funds.
The Household Income
"Time has more value than money. You can always get more money, but you cannot get more time"
of Millennials believe that having money gives you power over your life and holds a materialistic meaning, while 79% of Baby Boomers believe in the same. Having money gives you better chances at greater economic opportunity to lead a better life.