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Millennials have long been labeled the broke and behind generation, but new data suggests that narrative is overdue for an update.
Certified Financial Planner and Chime financial expert Brittney Castro says the numbers tell a very different story than the popular stereotype.
"The narrative is definitely outdated. You know, millennials have been criticized for being broke, spending too much money on avocado toast. Not taking retirement seriously. But the data and the math shows something completely different. 49% of millennials are better off financially now than they were five years ago, and that's higher than any other generation," Castro said.
Castro said one of the most surprising findings from the Chime Millennial Money Report: Meme vs. Math was just how self-directed millennial financial education has been.
"We've had to learn how to file taxes, figure out health insurance, how to save for retirement, really with not a lot of help. So I think millennials definitely deserve way more credit than what we've been given," Castro said.
The report also reveals a notable divide within the millennial generation itself, shaped by whether someone came of age before or after the 2008 financial crisis.
"There's really two groups pre 1991 and post 1991. So, the millennials that are older the pre 1991. You know they grew up in the recession. So, they entered the workforce in adulthood. In 2008 the Great Recession and economic crisis was happening. People were losing their homes. People were losing their jobs versus like the younger millennials were still in middle school during that time," Castro said.
That lived experience shows up in financial behavior. 39% of older millennials took on additional income during that period just to cover expenses, compared to 31% of younger millennials.
For those who still feel behind, Castro said the first step is simpler than most people think.
"A lot of times I just advise clients start start with what you have. You know, a lot of times our goals are big and lofty, but really it's all those little steps that add up along the way," Castro said.
Castro recommends automating savings and investing as an easy entry point, and highlights tools that make it possible to start small.
"Chime is wonderful because it allows you to combine your spending, your saving, monitoring your credit, and now investing all under one roof. And you can start with as little as $1. And really, once you start, the next thing is just to celebrate all those mini milestones along the way, because that will help you stay motivated toward the long term goals," Castro said.
For more information, visit the Chime Millennial Money Report.
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