5 Finance Lessons Baby Boomers Could Learn From Millennials

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By Maryalene LaPonsie

Ask baby boomers whether it’s wise to take money advice from 20-somethings, and they may scoff. “There’s a natural tendency for older people to dismiss what younger people think as drivel,” says Benjamin Lupu, a baby boomer and certified financial planner who owns Kensington A.M.I. in Burbank, California. However, millennials may be able to teach boomers some valuable lessons about how to manage money and find happiness. Here’s a look at some of the finance lessons the older generation could learn from today’s young adults.

Lesson No. 1: It’s better to spend money on experiences than on stuff. Instead of loading up on material goods, such as a big house or fancy car, millennials are more likely to spend cash on intangibles. A 2014 Harris Poll study conducted on behalf of Eventbrite found that 78 percent of 507 millennials surveyed would rather spend money on an experience or event than on a desirable good.

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