{"id":3806,"date":"2022-11-21T05:35:26","date_gmt":"2022-11-21T05:35:26","guid":{"rendered":"https:\/\/1finance.co.in\/magazine\/?post_type=blog&p=3806"},"modified":"2025-08-02T14:43:16","modified_gmt":"2025-08-02T09:13:16","slug":"are-millennials-worse-off-than-baby-boomers","status":"publish","type":"blog","link":"https:\/\/1finance.co.in\/1f-dashboard\/blog\/are-millennials-worse-off-than-baby-boomers\/","title":{"rendered":"Are Millennials Worse Off than Baby Boomers?"},"content":{"rendered":"

For her 31st birthday, Charu, a high-level marketing executive with a large MNC, decided to treat herself to some of her favourite things: a solo staycation at the luxurious Rambagh Palace in Jaipur and a Dior purse she\u2019d been eyeing. For this occasion, she set up a couple of SIPs in a high-performing equity fund that, luckily, paid off just as she\u2019d hoped they would.<\/p>\n

Charu\u2019s father, who retired as Brigadier from the Indian Army, couldn\u2019t understand this urge to \u2018treat yourself\u2019. His own impulse, at her age in the same circumstances, would\u2019ve been to lock away that money in a deposit with a solid interest rate to add to his children\u2019s education fund or make his own retirement easy. \u201cWhy must you spend everything you earn?\u201d he asked her, somewhat exasperated. \u201cWhat else is one earning for, if not to occasionally access the good life?\u201d she retorted.<\/p>\n

Sound familiar? You\u2019ve likely had a version of this exchange at home \u2014 often unfolding between an average millennial and their baby boomer parent. Boomers (born between 1946 and 1964) came of age post-World War II and were the first generation to help build independent India. Millennials (born between 1981 and 1996) hit their stride in a post-liberalisation economy and were the first generation to grow up with the internet and digital technology.<\/p>\n

Boomers earned lower salaries (and had a lower cost of living) but saved, bought and invested in solid asset classes, like real estate and gold. Austerity was a way of life. Millennials are more spending-oriented \u2014 in post-liberalisation India, consumerism became the norm. They prefer to spend on short-term pleasures \u2014 travel, high-end electronics, jewellery, a lush night out. Adulting in the sharing economy, many would rather rent houses than own them and hire cabs or use public transportation instead of buying cars. \u201cThey look forward to experiences rather than acquisition,\u201d Anna Chandy, a Bengaluru-based psychologist, told The Economic Times<\/i> in 2016.<\/p>\n

Two years later, another ET<\/i> article titled \u2018Are millennials financially wiser than their parents?\u2019 noted the paradoxes of the generation that was also, supposedly, India\u2019s demographic dividend. \u201cThey need to be seen as sui generis, yet follow the herd as investors. They are getting married late, spending a lot on their education, and spending a lot, period. Yet, most are starting to save early. Living on credit is de rigueur, yet the finances must be in order.\u201d<\/p>\n

So are millennials really worse off than baby boomers in India when it comes to money matters? A global recession, a pandemic, spiking inflation, rising unemployment and attrition rates, the very real prospect of climate change \u2014 you\u2019d think the universe really has it out for this bunch.<\/p>\n

In the US, millennials are snowed under debt, with heavy student loans to deal with, and an inability to build assets, leaving them significantly poorer than their parents were at the same age.<\/p>\n

In India, the situation is only slightly different. Fintech platform Bankbazaar\u2019s Aspiration Index 2022 notes<\/a> what young Indians want the most, beyond buying a home: to be happy and healthy (49.2%), see the world (44.1%), be their own bosses (34.1%), save for their children\u2019s education (37.9%), and splurge a little on the finer things in life (31.3%). Given the bleak big picture, this has meant significantly heavier lines of credit to meet basic expenditures and falling or stagnating savings.<\/p>\n

Consulting firm Deloitte\u2019s 2022 Gen Z and Millennial Survey, meanwhile, finds<\/a> that members of these generations in India are more optimistic about the economic and socio-political situation than the global average. While unemployment is a major concern, side gigs are common. The other things on their mind? Work\u2013life balance, mental health, positive work culture, and hybrid or flexible work arrangements.<\/p>\n

At the same time, during the pandemic, there was a spike in the number of millennials signing up for personal finance apps, opening demat accounts, or simply getting into the mutual funds game. According to the Bombay Stock Exchange, 38% of the 70 million investors registered by June 2021 belonged to the 30\u201340 age group.<\/p>\n

While the picture may be different from what it looked like for the boomers, this blend of digital literacy, ambition and optimism might, in the end, save the day for Indian millennials.<\/p>\n

Nidhi Gupta is a freelance writer and editor based in Mumbai.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

For her 31st birthday, Charu, a high-level marketing executive with a large MNC, decided to treat herself to some of her favourite things: a solo staycation at the luxurious Rambagh Palace in Jaipur and a Dior purse she\u2019d been eyeing. For this occasion, she set up a couple of SIPs in a high-performing equity fund […]<\/p>\n","protected":false},"featured_media":4826,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_updated_date":""},"blog-category":[],"acf":[],"yoast_head":"\nAre Millennials Worse Off than Baby Boomers?<\/title>\n<meta name=\"description\" content=\"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Millennials Worse Off than Baby Boomers?\" \/>\n<meta property=\"og:description\" content=\"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/\" \/>\n<meta property=\"og:site_name\" content=\"Blogs\" \/>\n<meta property=\"article:modified_time\" content=\"2025-08-02T09:13:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/imaages-hosting-1fin.s3.ap-south-1.amazonaws.com\/assets\/ogimage\/Blog.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"525\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@1FinanceHQ\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/\",\"url\":\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/\",\"name\":\"Are Millennials Worse Off than Baby Boomers?\",\"isPartOf\":{\"@id\":\"https:\/\/1finance.co.in\/blog\/#website\"},\"datePublished\":\"2022-11-21T05:35:26+00:00\",\"dateModified\":\"2025-08-02T09:13:16+00:00\",\"description\":\"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.\",\"breadcrumb\":{\"@id\":\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/\"]}],\"primaryImageOfPage\":{\"@id\":\"\"},\"image\":{\"@id\":\"\"}},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/1finance.co.in\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Blogs\",\"item\":\"https:\/\/1finance.co.in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Are Millennials Worse Off than Baby Boomers?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/1finance.co.in\/#website\",\"url\":\"https:\/\/1finance.co.in\/\",\"name\":\"1 Finance\",\"description\":\"Our single focus, to get you to re-imagine your Personal Finance What does this mean ? There\u2019s a process to grow your money while you peacefully sleep, which only the top 5% have access to. It\u2019s what makes the rich, even richer.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/1finance.co.in\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Are Millennials Worse Off than Baby Boomers?","description":"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/","og_locale":"en_US","og_type":"article","og_title":"Are Millennials Worse Off than Baby Boomers?","og_description":"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.","og_url":"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/","og_site_name":"Blogs","article_modified_time":"2025-08-02T09:13:16+00:00","og_image":[{"width":1000,"height":525,"url":"https:\/\/imaages-hosting-1fin.s3.ap-south-1.amazonaws.com\/assets\/ogimage\/Blog.png","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@1FinanceHQ","twitter_misc":{"Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/","url":"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/","name":"Are Millennials Worse Off than Baby Boomers?","isPartOf":{"@id":"https:\/\/1finance.co.in\/blog\/#website"},"datePublished":"2022-11-21T05:35:26+00:00","dateModified":"2025-08-02T09:13:16+00:00","description":"Explore insightful articles on finance, investments, and money management on our blog. Stay informed and make wise financial decisions.","breadcrumb":{"@id":"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/"]}],"primaryImageOfPage":{"@id":""},"image":{"@id":""}},{"@type":"BreadcrumbList","@id":"https:\/\/1finance.co.in\/blog\/are-millennials-worse-off-than-baby-boomers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/1finance.co.in\/"},{"@type":"ListItem","position":2,"name":"Blogs","item":"https:\/\/1finance.co.in\/blog\/"},{"@type":"ListItem","position":3,"name":"Are Millennials Worse Off than Baby Boomers?"}]},{"@type":"WebSite","@id":"https:\/\/1finance.co.in\/#website","url":"https:\/\/1finance.co.in\/","name":"1 Finance","description":"Our single focus, to get you to re-imagine your Personal Finance What does this mean ? There\u2019s a process to grow your money while you peacefully sleep, which only the top 5% have access to. It\u2019s what makes the rich, even richer.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/1finance.co.in\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/blog\/3806"}],"collection":[{"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/types\/blog"}],"replies":[{"embeddable":true,"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/comments?post=3806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/media\/4826"}],"wp:attachment":[{"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/media?parent=3806"}],"wp:term":[{"taxonomy":"blog-category","embeddable":true,"href":"https:\/\/1finance.co.in\/1f-dashboard\/wp-json\/wp\/v2\/blog-category?post=3806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}