Millennials tend to get a bad rap for making poor financial decisions. Whether its living paycheck to paycheck, burying themselves in credit card debt or not saving for retirement, there's not a lot of positive press out there when it comes to Gen Yers and their finances.
But maybe millennials make bad financial decisions because budgeting—as we know it today—isn't practical in the digital era. (I mean, who actually balances a checkbook? Or writes checks, for that matter?)
"We think the budget is dead," said Jake Fuentes, the 27-year-old CEO of a start-up called Level. "For the majority of this generation, money management consists of checking a receipt as it comes out of a machine."
Millennials, those born roughly between 1977 and the early 2000s, aren't like previous generations because they don't deal with physical money as often, they swipe cards and put them back in their wallet. So the concept of how much money they have to spend is hard for them to gauge, said Fuentes, who was formerly the chief of staff for emerging products at Visa.