Today, young people are often called the “the smashed avocado generation,” supposedly frittering away money on ‘luxury’ items rather than working hard to save for their first home or retirement nest egg.
However, despite their spendthrift reputation, most millennials are quite prudent when it comes to managing their financial affairs. Research by Afterpay found that millennials are saving more than their parents and are 30 per cent more likely to save regularly. They are also careful money
managers, with more than 80 per cent of millennials having a budget, compared to two-thirds of older generations.