Millennials are the first generation where the success script has flipped on its head. They are the most educated generation (at least until younger Gen Z catches up), but have also had to struggle with major career setbacks due to the 2008 financial crash, the subsequent housing price explosion, and, of course, the more recent cost-of-living crisis and pandemic.
It’s a good thing they’re so resilient and adaptable, but what is it that millennials have done to help them navigate challenge after challenge and start achieving record wealth as they enter their prime earning years? Let’s look into it below.
Adapting to Debt
Millennials are one of the first generations to be strapped with excessively high student loan debt, and that’s on top of all other types of debt, from credit cards to, now, mortgages. While not the most indebted generation, they are up there, and to succeed, they need to get on top of their debt.
One of the ways millennials and other savvy, money-minded people have adapted to debt is by consolidating it. Rather than juggle multiple repayments with their own interest rates, this generation has increasingly looked to consolidate their loans. They can do so through providers like Achieve loans to help pay off mounting debt and transform it into a more manageable repayment plan. Being strategic has become the go-to.
This generation’s approach to money is deeply influenced by shifting economic realities and evolving financial priorities. Millennials in particular are redefining success through values like financial independence, flexibility, and long-term security. According to research on millennial economic and political behavior , younger generations are actively reshaping attitudes toward wealth, career paths, and financial decision-making in ways that differ significantly from previous generations.
Using Credit to Work for Them
Millennials are also more likely to put their credit card use to good use. Rather than simply using credit cards to make purchases, they are more likely to select cards based on their benefits, aiming to rack up reward points and cashback on every purchase.
Adopting Technology
Millennials who have adopted app-based trading and have made overtures into investments are among the most successful of their generation. The technology available today has made even simple trades, for example, buying into the S&P 500 or defensive stocks like utility companies, more accessible and easier than ever.
The smartest millennials have not only adopted this new technology, but they are also investing in their own budgets. Rather than invest it all and keep their fingers crossed, these savvy millennials know that it’s a marathon, not a sprint. Putting a small amount you can afford to lose every month is becoming the norm, which is why it’s estimated that 67% of millennials now have some type of investment.
Automation of Savings
Millennials know how important it is to save for a rainy day and to diversify their retirement outside their pension plans. That’s why more are setting up automated savings, so the money they want to save goes to the applicable accounts on payday.
Smarter Budget Management
Millennials are also more likely to use budgeting apps and features to help them understand their spending and stay on top of it. Combined with an increasing awareness of “lifestyle creep” where lifestyles expand with raises, and you have a more money-aware generation that’s committed to building up a future on their own terms through diverse investments and savings over splurges.
Financial habits are also shaped by broader economic conditions and workforce trends. Guidance from the U.S. Department of Labor highlights how employment trends, wage growth, and economic shifts influence how younger generations approach saving, investing, and long-term financial planning.