Pensions. Tenure. 401Ks. Not only are these things that many millennials will never see—they’re also concepts with which many millennials aren’t even familiar. As a generation, we are so anti the 9 to 5, corporate life, the idea of working for the man, and the prospect of working a job we don’t necessarily love but that provides financial security, that we’ve lost touch with and access to many of the financial pillars that held up previous generations. Many of us cannot imagine ever owning a home and yet, most of our parents own their homes. We don’t talk about retirement—we don’t even acknowledge its existence. Retirement=death. It means being old. And we believe that 60 is the new 40 (or whatever) so that whole turning 65 and getting senior discounts thing just doesn’t resonate with us. I’m afraid that, because we have resisted the old way of doing things, we’ve become sloppy with money in many ways.
Living on a dream (aka a credit card)
I know too many millennials that bite the bait on those first year (or first two or three years) zero APR credit cards, live way beyond their means, and just hope that their circumstances change before it’s time to pay off those credit card bills and that APR kicks in.