Millennials are often blamed for any number of things, including taking down entire industries. From credit cards to divorce, news articles have placed an enormous amount of blame on this generation of young adults. But could they also soon be responsible for eliminating things like Chapter 7 bankruptcy? While some people in California might be hopeful, it is unlikely that it will happen.
In general, the financial priorities of millennials are about the same as their parents. A NerdWallet survey asked a group of adults spanning the millennial and baby boomer generations how they would use an extra $1,000 in a single month, and found their answers strikingly similar. The vast majority of both generations responded that they would either save or invest the money. They did differ on at least one matter, though. Despite the association of millennials with loving to travel, 7% of baby boomers said they would use the money to travel, but only 3% of the millennial respondents said they would travel.