More than half of Americans feel they handle their finances better than their parents, according to a surprising new survey.
The poll of 2,000 adults looked at how different generations perceive money and found that 58% believe they’re better financial managers than their parents.
But 65% admitted being uncomfortable when talking to their parents about money. This may be because nearly 60% believe their parents had previously judged their financial habits.
But that hasn’t hindered people in achieving their financial goals or teaching others about their tips, hits, and misses.
Regardless of age, almost six in 10 respondents said they’re confident enough in their financial habits to pass them down to their children.
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Conducted by OnePoll on behalf of BOK Financial, the survey revealed that 77% of people are generally confident in their ability to save money—especially millennials (86%).
Meanwhile, a majority of Gen Xers (60%) admitted they lacked the skills when it comes to saving money.
Saving money during the pandemic proved tougher for most everyone, with 58% saying they spent money more casually than in previous years. (Perhaps on interior upgrades and renovations to their home?) But a previous poll showed that 60% are more financially confident than before the pandemic.
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Seven in every 10 respondents believe that their age group has the most responsibility to make good financial decisions, but 78% of Gen Z reported feeling the most need to be financially responsible to help look out for generations to come.
“The best day to start saving for tomorrow is today,” said Brandy Marion, of BOK Financial. “Most of us wish we had started saving sooner.”
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