Millenials are described as individuals who became young adults by the year 2000 or range from 18 to 24 years old during the turn of the millennium. Other descriptions tag millennials as "Generation Y" or those born between 1982 and 2004. Given the era in which they grew up, it is safe to say that these individuals have a different way of viewing and living life. While there are redeeming factors to being a so-called millennials, like being highly adept at technology, it is this same prowess that often leads to their downfall.
Here are five things that millennials should not get used to doing.
1. They prefer cash and do not invest
Around 39% of millennials choose cash as their preferred mode to invest money that they will not be spending for a decade. 24% preferred real estate while 13% prefer buying stocks. The age group actually has the largest retirement savings burden, which can be explained by their preference for quick returns and staying liquid all the time.
In some states, millennials spend a lot on alcohol, which can put a toll on both their health and financial stability. The top five states that spend on alcohol are Massachusetts, Colorado, New York, Wyoming and Illinois. Millennials in other states are, however, more sober, namely Mississippi, Alabama, South Dakota, Iowa and West Virginia.
3. Fast food
Millennials also prefer quick ways to have their meals, which is why some fast food chains thrive more in certain states than others. The average millennial in Oklahoma spends $1,194 on fast food each year, followed by $1040 in Kansas. Those in Texas, Maryland and Virginia spend just under $1,000. Millennials in other states are not so addicted to the grease and spend under $500, such as Vermont, New York, Connecticut and Pennsylvania.
Millennials are also addicted to coffee and energy drinks to keep them alert at work or play. Millennials in Maine spend the most on caffeine at $307 per year, followed by Massachusetts at $277, New Hampshire at $263 and Connecticut and Washington at $245. Those in Mississippi spend the least at only $47 per year.
These individuals are also reportedly addicted to technology, considering how several major tech and telecommunications companies grew significantly during the year 2000. In effect, they may be very productive at work or very dependent on computers and devices when trying to do tasks and meet objectives.
Understanding the causes as well as controlling these addictions can help improve the way millennials work and can be the keys to their long term productivity and financial success.