Ever wondered how budgeting has changed over the generations. Well, for starters today we barely see anyone using a pencil and a paper to plan out their expenses. Maybe baby boomers still do; however, millennials are into something more technologically advanced and efficient. Millennials have apps that help them budget, notifies them when they are over spending, tracks where they are spending their money, as well as apps that help them save to reach their goal. Of course we have online banking today and pre-authorized payments where we no longer have to worry about making a payment in time because our banking apps allow us to schedule payments ahead of time. We are also able to send and receive money through our banking apps and emails. Furthermore, banking apps nowadays allow us to deposit cheques through our phones. All you have to do is take a picture of the cheque. These apps have made the lives of millennials very easy. They have also demolished the need to physically go to the bank. Needless to say that traditional banking no longer exists in the life of millennials and the upcoming generations.

In the video below you will see one of the latest solutions that has been created specifically for millennials and generation Y. This financial service sums up everything that millennials need when it comes to banking services and budgeting. Millennials want everything done at their fingertips and there they have it. All can be done in one place. Baby boomers may find this technology a privilege, they may accept it as well. However, it is very unlikely that they would utilize such an app.

“As a digital savvy demographic, they turn to apps to manage their life. “

Legters, Bob. “GenNOW™, A Solution For Generation Y.” Payments Leader, 25 Nov. 2015, http://www.paymentsleader.com/gennow-a-solution-for-generation-y/.

Frankly speaking millennials have a lot more to worry about when it comes to budgeting and spending. Although these kind of apps help them manage their banking activities, they still have student loans to worry about, they are underemployed, they lack financial knowledge and they struggle to carry appearances and they are in debt, which makes everything harder. According to stats Canada the “unemployment rate of youths aged 15 to 24 was 14.3%, compared with a rate of 6.0% for workers aged 25 to 54 and workers aged 55 or older. “The gap between the unemployment rates of millennials and baby boomers has not decreased and will not until the baby boomers retire or until the millennials make their way up to the expectation level of baby boomers in executive positions. By then maybe the rate of unemployment may improve for millennials. Having such kind of hardships makes the use of such technologies useful in the field of budgeting and financing. Baby boomers didn’t have that kind of problems back then. Budgeting for them was completely basic and maybe to a certain degree redundant. We will be looking into how baby boomers budget in my next post.