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Guess what? Millennial parents are great with managing their money, says new report

In fact, many of us are saving for our kids’ education, even as we pay off our own student loans.

Guess what? Millennial parents are great with managing their money, says new report

If there’s one word that dominates conversations about millennials and money, it’s “broke.” This generation cites reasons largely beyond our control, such as soaring tuitions costs and housing prices. Other generations point to lifestyle choices—because apparently the only thing stopping us from buying a home is that avocado toast we all love.


But a new report from the Bank of America shows the cliches about millennials and money are actually unfounded. In fact, millennial parents are making better decisions about money than anyone gives us credit for thanks to our aptitude for anticipating kid-related costs ahead of time.

“It turns out that millennials are actually just as good, or better, than other generations when it comes to managing money, and they are getting their financial houses in order,” writes Andrew Plepler, the Global Head of Environmental, Social and Governance at Bank of America.

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According to Plepler, parents between 23 and 37 years old are actually way more aware of the costs of starting a family than our parents were. “Older generations say finances weren’t really a factor in their decision to have kids; millennial parents say the opposite,” Plepler notes, adding that millennials are also more likely than older generations to set savings goals.

Despite the popular notion that millennials are blowing every paycheck on Uber rides and Chipotle, Plepler says this generation feels as financially secure as Generation Xers and Boomers. Better yet, Bank of America’s numbers indicates we’re more likely to ask for raises.

The downside of having money on our minds is that one-in-four millennials “worry often” about their finances, according to the report. Worrying about money doesn’t mean we’re bad with money, though (and neither does buying the occasional latte). Stressing over money isn’t good, but being concerned about our financial futures—and our kids’—is.

“Nearly a quarter of older millennials are already saving for their children’s education—a feat given that so many may still be paying off their own student loans,” Plepler notes.

Paying off our own student debt while simultaneously saving for our kids’ college funds may mean millennial mamas feel “broke” sometimes, but it clearly doesn’t mean we’re bad with money. In fact, maybe it means we deserve to splurge on that avocado toast.

14 outdoor toys your kids will want to play with beyond summer

They transition seamlessly for indoor play.

With Labor day weekend in the rearview and back-to-school in full swing, most parents are fresh out of boxes to check on their "Fun Concierge" hit list. It's also the point of diminishing returns on investing in summer-only toys. So with that in mind, we've rounded up some of our favorite toys that are not only built to last but will easily make the transition from outdoor to indoor play. Even better, they're Montessori-friendly and largely open-ended so your kids can get a ton of use out of them.

From sunny backyard afternoons to rainy mornings stuck inside, these toys are sure to keep little ones engaged and entertained.

Meadow ring toss game

Plan Toys meadow ring toss game

Besides offering a fantastic opportunity to hone focus, coordination, determination and taking turns, lawn games are just plain fun. Set them up close together for the littles and spread them out when Mom and Dad get in on the action. With their low profile and rope rings, they're great for indoors as well.

$30

Balance board

Plan Toys balance board

Balance boards are a fabulous way to get the wiggles out. This one comes with a rope attachment, making it suitable for even the youngest wigglers. From practicing their balance and building core strength to working on skills that translate to skateboarding and snowboarding, it's a year-round physical activity that's easy to bring inside and use between Zoom classes, too!

$75

Detective set

Plan Toys detective setDetective Set

This set has everything your little detective needs to solve whatever mystery they might encounter: an eye glasses, walkie-talkie, camera, a red lens, a periscope and a bag. Neighborhood watch? Watch out.

$40

Wooden doll stroller

Janod wooden doll strollerWooden Doll Stroller

Take their charges on a stroll around the block with this classic doll stroller. With the same versatility they're used to in their own ride, this heirloom quality carriage allows their doll or stuffy to face them or face the world.

$120

Sand play set

Plan Toys sand set

Whether you're hitting the beach or the backyard sandbox, this adorable wooden sand set is ready for action. Each scoop has an embossed pattern that's perfect for sand stamping. They're also totally suitable for water play in the wild or the bathtub.

$30

Water play set

Plan Toys water play set

Filled with sand or water, this tabletop sized activity set keeps little ones busy, quiet and happy. (A mama's ideal trifecta 😉). It's big enough to satisfy their play needs but not so big it's going to flood your floors if you bring the fun inside on a rainy day.

$100

Mini golf set

Plan Toys mini golf set

Fore! This mini golf set is lawn and living room ready. Set up a backyard competition or incorporate into homeschooling brain breaks that shift focus and build concentration.

$40

Vintage scooter balance bike

Janod retro scooter balance bike

Pedals are so 2010. Balance bikes are the way to go for learning to ride a bike while skipping the training wheels stage altogether. This impossibly cool retro scooter-style is built to cruise the neighborhood or open indoor space as they're learning.

$121

Wooden rocking pegasus

plan toys wooden rocking pegasus

Your little will be ready to take flight on this fun pegasus. It gently rocks back and forth, but doesn't skimp on safety—its winged saddle, footrests and backrest ensure kids won't fall off whether they're rocking inside or outside.

$100

Croquet set

Plan Toys croquet set

The cutest croquet set we've ever seen! With adorable animal face wooden balls and a canvas bag for easy clean up, it's also crafted to stick around awhile. Round after round, it's great for teaching kiddos math and problem-solving skills as well.

$45

Wooden digital camera

fathers factory wooden digital camera

Kids get the chance to assemble the camera on their own then can adventure anywhere to capture the best moments. With two detachable magnetic lenses, four built-in filters and video recorder, your little photographer can tap into their creativity from summertime to the holidays.

$179

Wooden bulldozer toy

plan toys wooden bulldozer toy

Whether they're digging up sand in the backyad or picking up toys inside, kids can get as creative as they want picking up and moving things around. Even better? Its wooden structure means it's not an eye sore to look at wherever your digger drops it.

$100

Pull-along hippo

janod toys pull along hippo toy

There's just something so fun about a classic pull-along toy and we love that they seamlessly transition between indoor and outdoor play. Crafted from solid cherry and beechwood, it's tough enough to endure outdoor spaces your toddler takes it on.

$33

Baby forest fox ride-on

janod toys baby fox ride on

Toddlers will love zooming around on this fox ride-on, and it's a great transition toy into traditional balance bikes. If you take it for a driveway adventure, simply use a damp cloth to wipe down the wheels before bringing back inside.

$88

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