Money habits of Millennials that make them Poorer.

Millennials are the people born between years 1981 and 1996. They are also called Gen Y. It has been mentioned by the authors of the Federal Reserve paper that the millennials are financially less well off than persons from the previous generations. They have fewer assets, lower earnings, lesser wealth, which in turn affects their spending habits.The media’s fascination with the millennials has led to many studies for the assessment of their spending habits. We will list some of the bad financial habits of millennials which they should avoid to be financially secure:1) Not investing for the long termMillennials are forming unwanted financial habits like turning away from investments, piling onto cash, and relying on savings instead of growth options. As per the study done by the UBS majority of them are planning for the short term as they feel that retirement is still a long way off. They prefer investing in safer instruments instead of high-risk assets.2) Spending more than you earnYour financial health is dependent on how much you earn, spend and then ultimately save. It should be the goal of every individual to save at least 20% of the income every month. There can be a couple of unexpected expenses, or you don’t earn sufficient money to meet the expenses each month. Earning more money than you spend should be the ultimate goal. If you are unable to save more, just plan and cut down on the unnecessary expenses.Living beyond your means is not a good idea. You have to be careful of unnecessary purchases like a new car, luxury apartment, or fancy vacations when you are trying to be financially secure and can have a good treat once a while but don’t go over budget.3) Buying items using credit cardsThere has been a survey carried out…