Nowadays, very few children of baby boomers demonstrate a high level of financial literacy, but they have been doing one thing right.
Many young adults have made significant strides in the money they put away for retirement. Although the average individual amount they save every month is relatively small, the budgetary habits they acquire now can greatly help them later in life, Richard Satran wrote in a U.S. News and World Report article.
Meanwhile, many young adults still consult their parents for financial guidance, as they don't feel they have the sufficient knowledge to put their financial success on the right course, Satran wrote.
"The good thing is that they are putting away money, and that's positive," William & Mary School of Business association professor Lisa Szykman told the news source. "But they are already feeling like it's never going to be enough."
The perceived lack of financial obstacles facing previous generations strikes a negative chord among the children of baby boomers, the report said. Some young adults believe their parents were given certain breaks that they had never received, while others harbor negative sentiment toward their parents for not taking advantage of greater financial opportunities during boom years.