The millennial generation is likely to be focused on near-term goals while those that precede them are more focused on saving for larger milestones like family building and retirement, CNBC reports.
Although millennials lived through the global financial crisis in 2008, they are “more distant” from the tribulations of World War II and its aftermath, which helped shape their parents’ mindset about money.
The distance coupled with the fact that many millennials are supporting both their children and their aging parents have experts saying the generation is not prepared to be the richest generation in history.
Some $90 trillion in wealth is predicted to be transferred over the next 20 years to millennials.
