3380: What You Can Learn From Millennials For a Better Financial Future by Kathleen Coxwell of New Retirement

Summary

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Episode Summary:

Optimal Finance Daily, Episode 3380 – "What You Can Learn From Millennials for a Better Financial Future" by Kathleen Coxwell of NewRetirement
Host: Diania Merriam
Date: December 8, 2025

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Main Theme

This episode, narrated by Diania Merriam, features a post by Kathleen Coxwell from NewRetirement, exploring the financial habits and lifestyle choices of Millennials. The discussion focuses on how adopting certain Millennial behaviors can inspire better money management and offer fresh strategies for those planning for financial independence or retirement. Diania, herself a Millennial, offers additional reflections and context, highlighting both the challenges and lessons embedded in Millennial choices.

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Key Discussion Points & Insights

1. Millennial Trends as Models for Financial Independence

Kathleen Coxwell challenges traditional financial behaviors by examining eight key Millennial trends that could enhance retirement planning and overall financial wellbeing.

1. Sell the House (02:05)

• Millennials have the lowest rates of homeownership for their age group in history.
• For retirees, leveraging home equity through downsizing could aid earlier retirement or boost spending power.

2. Sell the Car (02:41)

• Millennials may own fewer cars, opting for biking, public transport, and car-sharing.
• For those approaching retirement, selling a car can significantly cut expenses, as transportation is the second highest retirement cost.

3. Get Rid of Your Phone and TV (03:17)

• Millennials have moved away from landlines and cable TV, choosing mobile phones and streaming.
• Cutting these “old-school” utilities can offer small but meaningful monthly savings.

4. Talk About Money (03:49)

• Millennials are breaking the taboo of discussing personal finances, especially online.
• Research cited: “three quarters of millennial couples talk about money once a week” (03:56).
• Regular discussions with peers can foster positive financial behaviors.

5. Seek Adventure (04:44)

• Millennials value new experiences and adventure.
• For retirees, trying new things can make time feel more abundant and enriching: “You can actually slow down the clock by trying new things.” (04:53)

6. Use Technology (05:28)

• Millennials view tech as a defining trait and utilize it for communication, planning, and financial management.
• Embracing digital tools makes retirement planning more accessible and can bridge generational gaps, even in family communication.

7. Seek Meaning (06:13)

• Millennials look for purpose in their work, not just a paycheck.
• This mindset can translate into a more fulfilling retirement by focusing on meaningful activities and engagement.

8. Go Ahead and Spend It (06:32)

• While not the best savers, Millennials spend on travel and experiences.
• Once financially independent, retirees are encouraged to actually enjoy their savings: “People have a really hard time spending their hard earned savings once they reach retirement.” (06:48)

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Notable Quotes & Memorable Moments

• On homeownership:
  “If you’re like most people nearing retirement, your home is your most valuable asset, and the equity you’ve built up in your home can be used for retirement.” (02:17, Kathleen Coxwell)

• On transportation costs in retirement:
  “Transportation costs retirees more than even healthcare. Only housing costs more.” (02:57, Kathleen Coxwell)

• On talking about money:
  “Talking about money is a good thing. Behavioral research has found that having peers who have good financial habits can help you have good financial habits yourself.” (04:08, Kathleen Coxwell)

• On seeking adventure:
  “New experiences take more time to process, making time appear to last longer.” (05:02, Kathleen Coxwell)

• On Millennials’ relationship with technology:
  “While you’re probably not going to let technology take over your life, there are some pretty useful ways to use phones and computers to enhance your financial life and have a better retirement.” (05:35, Kathleen Coxwell)

• On embracing spending in retirement:
  “Once you achieve retirement or financial independence, the name of the game is actually spending.” (06:41, Kathleen Coxwell)

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Personal Commentary from the Host

Reflecting on Generational Context (08:44)

• Diania Merriam addresses the broad generalizations about Millennials, noting they’re often misunderstood due to unique economic hardships:

  • “Millennials are the first generation in American history that are projected to make less than their parents did, and they’re burdened with massive student loans.” (09:02, quoting Forbes)

• On changing financial norms:

  • “I think the golden rule of personal finance is to spend less than you earn. So if there’s a trend of millennials not buying homes and cars they can’t afford, I see that as a good thing.” (09:27, Diania Merriam)

• On social and financial innovation:

  • “Gone are the days of working for one company for many decades and retiring with a comfortable pension… by making different choices than our parents, we’re building financial bandwidth to explore some more challenging questions, like, how do I want to spend my time, who do I want to spend it with, and what do I want to create in the world?” (09:45, Diania Merriam)

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Timestamps for Noteworthy Segments

• [01:25] – Introduction to Millennial trends impacting financial habits.
• [02:05] – Point 1: Selling the house and using equity for retirement.
• [02:41] – Point 2: The financial wisdom in not owning a car.
• [03:17] – Point 3: Moving away from traditional landlines and cable TV.
• [03:49] – Point 4: The importance and benefits of talking about money openly.
• [04:44] – Point 5: Pursuing adventure for a richer retirement.
• [05:28] – Point 6: Leveraging technology for a better financial future.
• [06:13] – Point 7: Seeking meaning and purpose in post-work life.
• [06:32] – Point 8: The importance (and challenge) of spending during retirement.
• [08:44] – Diania’s commentary on Millennial context and financial independence.

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Tone and Language

• The episode maintains an encouraging, practical, and conversational tone.
• Diania frames Millennial choices not as mistakes or rebellion, but as reflections of both necessity and innovation, often challenging outdated financial norms.
• The host emphasizes acceptance of change, critical self-reflection, and the value of questioning old standards for a happier, more financially secure future.

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This summary offers a comprehensive overview of how adopting Millennial financial strategies can aid anyone—particularly those nearing retirement—in crafting a more sustainable, meaningful financial life. Diania’s insights reinforce the value of generational learning and the importance of adapting strategies to ongoing societal and economic shifts.

Transcript

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This is Optimal Finance Daily. What you can learn from Millennials Yes, Millennials for a Better Financial Future By Kathleen Coxwell of NewRetirement.com.

According to the Pew Research center and the U.S. census Bureau, millennials born 1981 through 1996 have surpassed baby boomers as the largest living generation. While millennials aren't known for having the strongest work ethic or being adult in many ways, they do actually have a few things to teach us about managing money for an optimal lifestyle and preparing for a future retirement. It turns out that some of the key traits and markers of millennials are good lessons for those of us looking to make the most of our future financials and life itself. Here are eight millennial trends to consider for a more prosperous and fulfilling retirement.

Sell the house Millennials have the lowest home ownership rate for their age group in history. While this might not bode well for their own wealth creation, it can be a good model for those of us who already own a home. If you're like most people nearing retirement, your home is your most valuable asset, and the equity you've built up in your home can be used for retirement. Many people downsize into smaller or less expensive homes at retirement and use the profit from the sale of the larger home to retire earlier or enhance their spending power. Number two Sell the car. The research isn't crystal clear, but Millennials may have lower car ownership rates than any previous generation to get around. They opt for bike riding, public transportation and car sharing services. If cost cutting is of interest to you, then selling your car may be a great option. Did you know that transportation is on average the second highest cost in retirement? Transportation costs retirees more than even healthcare. Only housing costs more. If you want to get rid of your car, look at the walkability of your neighborhood, public transportation options, and the availability of taxis, Uber, and car sharing services like Zipcar, Getaround, and Hertz on demand in your community. Number three get rid of your phone and tv. Very few millennials still have a traditional landline in their home. Similarly, many Millennials have canceled cable TV subscriptions and instead watch shows on their computer via streaming services. Depending on your own preferences, you might explore these options for some small monthly savings.

Talk about Money Once upon a time, taboo topics for polite conversation included S X, politics, and money. For better or worse, most of us now feel freer to talk about a wide variety of subjects, but personal finance remains an uncomfortable subject. However, Millennials are beginning to change the taboo on talking about money online. At least according to Megan Leonhardt at cnbc, three quarters of millennial couples talk about money once a week. Talking about money is a good thing. Behavioral research has found that having peers who have good financial habits can help you have good financial habits yourself. It's kind of like healthy eating and exercise. You're more likely to engage in positive behaviors if your peers are engaged in those behaviors and talking about them. Furthermore, you can gain a lot of useful information by sharing ideas with friends.

Seek adventure According to Jeff Frommes, president of futurecast, a marketing consultancy that specializes in millennial trends, Millennials crave the joy of adventures and discoveries. Whether epic or everyday, seeking adventure and new experiences is a great idea for a better retirement. As we get older, the perception is that time is passing more quickly, more things are familiar to us, and our brains can process what we know faster than what we've never experienced before. You can actually slow down the clock by trying new things. New experiences take more time to process, making time appear to last longer. Number six Use technology. According to a Nielsen survey, Millennials cited technology use as the most defining characteristic of their generation. While you're probably not going to let technology take over your life, there are some pretty useful ways to use phones and computers to enhance your financial life and have a better retirement. Having trouble connecting with your kids or grandchildren? Try texting them. Even better, see if you can connect over Instagram or Snapchat. Go to where they are, plan your vacation or Find a retirement job. Technology is a great way to plan almost any aspect of your retirement. In fact, you can plan your retirement and manage your finances online. Planning does not need to be scary or complicated. Number seven Seek meaning Millennials don't only work for a paycheck. They tend to want to spend their time on pursuits that are meaningful to them. This is a positive, especially as you enter retirement. As you grow older, it's increasingly important to live your life with purpose. And number eight, Go ahead and spend it. Millennials are not known as being the best savers of all time. They are instead avid spenders and they especially like to spend on travel and experiences. While saving is usually entirely necessary for a secure future, once you achieve retirement or financial independence, the name of the game is actually spending. So millennials are a good role model. People have a really hard time spending their hard earned savings once they reach retirement.

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[Host / Narrator (Kathleen Coxwell or Show Host)]

As a millennial myself, I thought this article had some harsh generalizations, but it's fairly common for older generations to look down on younger generations. From my perspective, millennials in many ways are a product of the changing circumstances we've had to navigate. According to a Forbes article, quote, millennials are the first generation in American history that are projected to make less than their parents did, and they're burdened with massive student loans. The financial crisis of 2008 had a disproportionately high impact on their economic prospects, just as many entered the job market for the first time. End quote. I think the golden rule of personal finance is to spend less than you earn. So if there's a trend of millennials not buying homes and cars they can't afford, I see that as a good thing. One of the things I really appreciate about my generation, especially within the FIRE movement, is that is that we question social norms around work and money. Gone are the days of working for one company for many decades and retiring with a comfortable pension. And working 9 to 5 until 65 at an unfulfilling job is also up for debate. By making different choices than our parents, we're building financial bandwidth to explore some more challenging questions, like how do I want to spend my time, who do I want to spend it with, and what do I want to create in the world? And that's a wrap for another Monday show. Have a great rest of your day and start to your week and I'll be back tomorrow as usual, where your optimal life awaits.