MANILA, Philippines – Despite being exposed to a more consumer-driven lifestyle, millennials tend to save more and at a younger age, said chartered financial analyst Gavin Lee.
Lee describes millennials as the group of people “who are on the young end of the generation.”
“There’s no clear definition of their age, but we can put it at the early 20s to mid 30s,” he told ANC’s “On The Money.”
Lee said millennials begin saving at 22 to 23 years old, compared to “baby boomers,” who tend to start saving at their early 30s.
He explained that this is partly because of the advice they get from their parents.
But even though millennials are savers, they primarily park their savings in cash, partly due to the lack of other financial advice beyond their parents.
“It’s good that they’re saving, but it’s not good that they’re not putting it in more productive investments,” Lee said.
A woman holds a large stuffed animal prize at the Wisconsin State Fair in West Allis, Wisconsin. Photo by Jim Young, Reuters
He added that millennials are known to seek careers that allow them to fulfill their passions on the side.
“It’s not just about the money, it’s money with the work-life balance,” he said.
He advised millennials not to just park money in cash but in more productive investments, and get help from financial advisers.
Lee also said that they should set goals so as not to be sidetracked by overspending on gadgets and the like.