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Millennials can be ‘old souls’ about money

If you thought old souls was strictly an expression referring to reincarnated people, think again.

By Marlene Y. Satter | Updated on April 10, 2015
The 18-34-year-old set is "just like their grandparents" when it comes to money. (Shutterstock)

If you thought “old souls” was strictly an expression referring to reincarnated people, think again. The term also describes one aspect of millennials’ behavior when it comes to money. 

So says the 2015 Northwestern Mutual Planning and Progress Study, which found that members of Gen Y are, in fact, quite conservative and risk-averse with regard to their finances. Millennials, it said, are also more confident and optimistic about reaching goals and thus can also be described as “young idealists.” 

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