Millennials share a lot about their finances on social media, and it turns out they’re just as open to talking about money in real life.
That’s one takeaway from a Bank of America survey of affluent Americans, which found that 85% of millennials were comfortable talking with friends and family about changing life plans because of financial concerns, compared with 75% of all respondents. Even salaries, which are often seen as highly private, were up for discussion among 77% of the people polled who were born from 1978 to 1995, versus 59% of respondents nationally.
“As a generation, they’ve grown up much more willing to be open and sharing their own stories,” said Aron Levine, president of consumer banking and investments at Bank of America. “They’re leveraging technology and open to it, and the desire to get input and feedback from peers — all of that is driving millennials across all of these financial topics.”
Millennials have been shaped by major economic events, including the global financial crisis in 2008 and the ongoing coronavirus pandemic. That cohort is also more willing to discuss real estate decisions, health-care costs, employment risks, bills and expenses than the national average, according to the survey, which polled 2,000 people in the U.S. with investable assets of $50,000 or more.
