Jonaya Kemper sews her own sundresses and grows her own vegetables, embodying the do-it-yourself mindset of many in the millennial generation. (Christina House, For The Times / May 15, 2013)
From LA Times:
Millennials, who range from teenagers to people in their early 30s, are more financially cautious than the stereotype of the spendthrift twentysomething, several studies suggest. Many embrace thrift.
Some experts say their habits echo those of another generation, those who came of age during the Great Depression and forged lifelong habits of scrimping and saving — along with a suspicion of financial risk.
“Both generations had a childhood memory of wealth and then saw that wealth yanked out from under them” in or around their teenage years, said Morley Winograd, who has co-written several books on the millennial generation. Though the pain was much more severe during the Depression, “Both generations are very conservative spenders,” Winograd said.
During the economic downturn, while older households ran up credit card debt, younger households whittled it down, a Pew Research Center analysis of federal data found earlier this year.
More young households had no credit card debt in 2010 than was the case in 2001, the data show. Among those who did owe on their credit cards, the median amount fell from roughly $2,500 to less than $1,700.