The Wisest Women in the Room
Patient, disciplined, risk-averse – Millennial women are looking more like their grandmothers in the pockets than their Boomer moms.
Northwestern Mutual’s 2014 Planning and Progress Study revealed Millennials are old souls when it comes to managing their money, recognizing the importance of saving and investing with a tendency to act more proactively than their older counterparts.
Nearly two thirds of those surveyed identified as “highly disciplined” or “disciplined” financial planners compared to 54 percent of respondents ages 60 and older – and, even less for the Sandwich Generation.
“I’m guessing they’re making a lot of grandparents very proud,” says Greg Oberland, Northwestern Mutual executive vice president.
Plagued with economic instability, chronic underemployment and debt, Millennial women aren’t trying to make money matters more difficult. This is likely why 30 percent are taking a “slow and steady” approach to financial planning, with another 30 percent feeling like they have lots of catching up to do and remaining cautious.
In fact, only about 14 percent are willing to swing for the fences when it comes to saving and investing. Instead, more than two thirds are looking for ways to improve their method of management.
In the coming years, this combination of patience and humility may serve them quite well.
Products of the Depression Generation, or mature adults born between 1930 and 1945, value rationing and savings. Self-discipline and financial conservatism are of great importance to this group. And, as a result, they hold substantial wealth in home equity and savings.
Many are still in excellent health and quite active, too.
While navigating the challenges of the Great Recession certainly isn’t easy, it appears Millennial women are choosing wise footsteps to follow.
Because, when it comes to money, this generation of grandmas know best.
Has the economy lead you to take a proactive yet cautious approach to financial planning? Tell us!
BONUS PINK Link: Is there room for innovation just under your nose? Find out how DigiTour’s Meridith Valiando used YouTube to disrupt the music industry.
By L. Nicole Williams
“Independence is happiness.” Susan B. Anthony
Photo credit: Wavebreak Media/Shutterstock
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