It’s no secret that life for twenty-somethings is vastly different than it was in the 1970’s, 80’s or even 90’s. The internet and mobile technology have completely changed how we carry out our professional and personal lives. Personal finance is yet another area in which millennials are doing things a little differently than their parents and grandparents.  

Little Faith in the Stock Market

Unlike their Baby Boomer, stock-loving parents, millennials have yet to embrace the concept of growing wealth through investments and meeting long-term savings goals like retirement. According to USA Today, only one in three millennials say they invest in stocks. Why? Nearly half of millennials consider investing to be too risky. On top of that, 40 percent say they don’t have enough spare income to put away for the future.

It’s easy to understand why this age group is risk-averse. Many remember and are scarred by the 2008 market collapse and subsequent financial crisis. Nevertheless, millennials should consider warming up to the stock market because stocks tend to deliver bigger returns than both cash and bonds in the long run.

Savvy Shopping

Millennials are often criticized for their spending habits, but in reality, they are actually quite thrifty. According to Forbes, millennials view discounts less than 20 percent as not worthwhile. They’re also more likely than older shoppers to conduct thorough research on major purchases ahead of time, and will even buy from a different store if it means saving a few bucks. Store and brand loyalty is less important to millennials than previous generations. On the other hand, millennials are big on loyalty programs that can save them money, with more than two-thirds belonging to at least one.

Embracing the Side-Hustle

Strapped with tens of thousands of dollars in student loan debt and without practical work experience, many millennials graduate college without viable means to live off of.

The maddening catch-22 of an “entry-level” job that requires multiple years of experience makes the situation even more difficult. According to a CareerBuilder survey, nearly 39 percent of workers ages 18 to 24 and 44 percent of workers ages 25 to 34 reported earning extra cash on the side. Opportunities for freelance gigs on sites like Fiverr, UpWork and even Craigslist can help millennials put their skills to work in addition to their 9 to 5 job. The survey found that the most common side-hustles include survey taker, child care provider, consultant and freelance writer.