Don’t worry so much about millennials: They’re probably worried enough about themselves.
The millennial generation, aged 18-34, has the skills and education to overcome a widespread lack of financial literacy, according to a recent report sponsored by Chicago-based BMO Wealth Management titled “Generation Why!”
In a study of more than 1,000 millennials, only 24 percent could demonstrate basic financial literacy, and just 8 percent displayed high levels of financial literacy. Yet BMO believes that, as the most educated generation to emerge into the workforce, and as digital natives comfortable with self-driven research, millennials will be able to increase their financial knowledge.
Many millennials acknowledge their lack of financial literacy, with men more aware of their shortcomings than women.