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But have you ever stopped to ponder exactly how these differences play out?
Keep reading for a deep dive into the differences and find outwhich generation handles money better.
Houses
According to Hall, many boomers bought houses when they were young.
Houses were cheap compared to how much they made, he added.
In comparison, not as many millennials are buying houses.
Houses cost way more now compared to salaries, said Hall.
Many millennials rent instead of buying, facing not only high house prices but high interest rates too.
Whos Doing It Better?
Right now, renting might actually be smarter for millennials, said Hall.
They cant afford the huge house prices, and renting gives them more flexibility.
Still, Hall noted that owning a home can be good in the long run.
Its a tough situation for millennials, added Hall.
College
When it comes to higher education, Hall said that most boomers went to college.
According to Hall, College can cost tens of thousands of dollars for just half a year.
For this reason, some millennials are choosing trade schools or learning skills online instead.
And unfortunately, Hall said, Not all college degreeslead to good jobs anymore.
Hall gave millennials the edge here because theyre thinking carefully about whether college is worth the cost.
Still, Hall said to keep in mind that … college can still be good for some jobs.
Kids
As Hall explained, baby boomers had a lot of babies usually around 4 or 5.
And raising children was much cheaper back then.
This could be because of how much childcare costs have gone up.
Hall said it would be about $200,000 to raise [one] kid until theyre 18.
Its hard to say one way is better, noted Hall.
Millennials are being careful because everything costs so much now.
Theyre thinking about whether they can afford kids.
Jobs
Boomers and millennials handle careers differently too.
Boomers often stayed at the same job for their whole life, said Hall.
They received good benefits and sometimes pensions, were loyal to their companies and didnt always get big raises.
Millennials, Hall explained, do more job hopping (switching jobs more often).
They dont usually get pensions, are less loyal to companies and more focused on their own careers.
They also often get bigger raises when they switch jobs.
Millennials might have the right idea here, said Hall.
By switching jobs, they often get more money and better opportunities.
But Hall also said, theres value in the loyalty boomers showed too.
Saving vs.
Spending
According to Hall, boomers like to save a lot of money for retirement.
Rather than spend their money in their youth, they focused on creating abig nest eggfor their future.
Boomers are right that saving is important.
They sometimes dont trust new payment methods, generally preferring to see and feel their money.
Millennials use all sorts of ways to pay credit cards, phones even crypto, added Hall.
Theyre also more comfortable with digital payments and enjoy the convenience of not carrying cash.
Hall doesnt find either way to be better, just different.
Millennials have more choices because of new technology, said Hall.
This can be more convenient, but its also easier to overspend when youre not handling real cash.
Banking
Hall also mentioned, Boomers usually stick with one bank for life.
They like to build a relationship with bank and often prefer in-person banking at a local branch.
However, millennials dont care as much about staying with one bank.
[The] millennials approach fits better with todays world, explained Hall.
Banks that offer reliable tech and financial services can help people manage their money better.
But just like in their careers, boomers loyalty isnt bad here either.
Hall added, Having a good relationship with your bank can be helpful too.
In the end, whos really better with money millennials or boomers?
According to Hall, both groups havesome good ideas.
Millennials are often more flexible and open to new ideas, which is good in our fast-changing world.
But boomers focus on saving and stability is important too, said Hall.
The best way to handle money is probably to use a mix of both approaches.
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