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Financial Etiquette For Millennials And Gen Z – Bankrate.com

It’s no secret that each generation handles money differently. Baby Boomers are typically tight-lipped when it comes to finances. Millennials and Gen Zers, having been raised in a more open and connected society, are generally mor…….

It’s no secret that each generation handles money differently. Baby Boomers are typically tight-lipped when it comes to finances. Millennials and Gen Zers, having been raised in a more open and connected society, are generally more transparent. Since many learn about money from their parents, generational differences can create a lot of confusion about what’s right. From tipping to group vacations, here are best practices.

Dealing with income disparities between friends and family

Maybe your income has skyrocketed relative to your old comrades, or maybe it’s done more of a comparative bellyflop. Either way, things can get awkward quickly when these disparities become apparent — especially if you’ve known each other a long time. But these differences are a natural part of adulthood, and the key to handling them with grace is honesty and good communication.

If activities with your friends are breaking your bank, don’t be afraid to tell them so, and count yourself out of the occasional splurge. You can always pitch free and inexpensive activities to the group. And if you aren’t comfortable sharing that your reason for passing on experiences is financial, a simple “not this time” can suffice. It’s better to deal with a little discomfort upfront than commit to something you can’t afford.

If the tables are turned, and a friend or family member isn’t as well-off as you, focus on supporting and spending time with them in a way they can afford. That’s probably what they want most from you anyway.

Tipping

Contrary to popular belief, baby boomers are actually more generous tippers. According to a 2022 CreditCards.com survey, 87 percent of boomers who go to sit-down restaurants tip their server every time. Only 60 percent of millennials reported doing the same.

Tipping can seem like a social maze of confusion, but the rules of tipping are actually pretty simple. For wait staff at a sit-down restaurant, plan on tipping 15 percent to 20 percent of the bill. If you can afford it, it’s kind to tip even higher, especially now, due to the challenges brought on by the pandemic to those in the service industry.

Splitting checks

Another stressful situation we’re all familiar with: You’re in a group of friends, some more well-off than others, and the bill arrives. What do you do?

In this case, the best financial etiquette is to hit the rewind button and decide on a plan before the wait staff takes your orders. Ask everyone as soon as you sit down: “…….

Source: https://www.bankrate.com/personal-finance/financial-etiquette-for-millennials-and-gen-z/

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