According to a new survey, managing money is not a top priority for millennials. The survey claims millennials—people born between 1981 and 1996—are more focused on engaging on “social media or playing with pets” instead of examining their financial status.
Talker News reports OnePoll and Upwise did a study of 2,000 millennials. Respondents were asked “how they spend their money and time.” Findings showed millennials commit a whopping “150 more hours to social media than controlling their bank accounts.”
It was also disclosed that millennials are more inclined to “surf streaming services, care for houseplants or ponder what to eat for dinner” for longer periods than reviewing their funds.
“Taking control of your finances isn’t just a matter of keeping up with your monthly expenses,” Upwise Vice President Jenn Kischell stated.
“It’s also about taking a proactive role in managing and developing healthy money habits.”
Twenty-seven percent of millennials reported checking their bank accounts weekly. Some 45% responded that they were unsure how much money they had in their accounts.
Observers say millennials use tools like auto-pay to pay bills. The problem with auto pay is that users may not see what is in their accounts before bills are deducted routinely from a credit card, checking, or savings account.
Over 50% of respondents stated they use the auto-pay option for convenience. Others cited the tool helps them save money and reduce fears about late payments. Among that, 4 out of 5 people reported they were more likely to make impulsive purchases.
“People tend to underestimate their expenses, especially when using auto-pay,” Kischell says per Talker News.
“This is why it is essential to take a holistic assessment of your finances on a regular basis.”
On the upside, the study revealed that millennials want to be more in control of their finances as most concurred cultivating good financial habits at a young age is significant.
Experts say using digital banking or financial tools to monitor accounts daily, not signing up for extra financial services, setting up monthly budgets, and working with financial planners are among tools millennials can use to control their debt and savings and help avoid impulsive spending.