Financial Ruin: Did Boomer Parents Fail Millennials?

Financial Ruin: Did Boomer Parents Fail Millennials? | The Kitti Sisters - 1

EP240: Financial Ruin: Did Boomer Parents Fail Millennials?


Well hello!

It’s no secret that millennials have been labeled as, well, the financially-challenged generation. 

Butttt is it their fault? 🤔

We’re chatting today about the challenges that come from a lack of financial education growing up, and how to take control of your future – regardless of your upbringing! 


We’re not saying it’s easy to overcome circumstances or long-held financial views and patterns. 

Especially when other people have shaped your financial education (or lack thereof) your whole life! 

But here’s the thing…it’s not too late! 

You CAN learn how to take control of your personal finances, you just need to know where to start! 👏

So, let’s chat about those first steps you can start taking now, shall we? 

We can’t change the past but we can start creating a better financial future. ✨

Here’s to re-writing the story of millennials and taking steps to a better future. 🥂

Palmy ➕ Nancy

The Kitti Sisters


  • Millennials are pointing fingers at their boomer parents for not equipping them with essential financial and life skills, leading to a generational wealth gap.
  • This deep dive into the issue explores if these claims hold water and what millennials can do to secure their financial future despite past shortcomings.
  • Discover the journey of millennials seeking to bridge the gap, armed with online resources and a determination to rewrite their financial narratives. 

Financial Ruin: Did Boomer Parents Fail Millennials?

Millennials have spoken!  They’re putting blame on their boomer parents for dropping the ball with financial and life skills education.

Adults that are coming into their midlife era now – starting families, wanting to buy homes, and fully diving into this whole “adulting” situation we all must face – apparently have some beef with the people who raised them. 

The reasons? Well, we can’t say what goes in everyone’s therapy visits, but in general, millennials are claiming that boomers did not set them up for success by failing to teach crucial financial and life skills needed to thrive – creating the giant, generational wealth gap we’re now experiencing.  

Of course, no parents are perfect, and we can give some grace for what’s basically the hardest job to exist, right?

But let’s get to the bottom of this topic today. Are the complaints valid? Were millennials woefully unprepared to find success in adulthood? If so, what can they do about it now to take control of their financial future and life? 

We’ll cover all this and more. Let’s dive in! 

You might be wondering how we came across this riveting topic, right? Well, where else does one explore the ponderings of life and find like-minded and like-frustrated comrades in the digital age we’re living in? Online forums, of course! 

And let us tell you… millennials have been lighting these forums up with complaints about being ill-prepared for the realities of life.

Here are a few examples: 

One Redditter claimed, “I can’t recall a single piece of solid advice from my folks on navigating life.”

Another agreed, sharing that she was given a credit card at 18, with absolutely no direction on how to use it, or any education about interest rates – an experience that many people seemed to share. 

Other stories came up in the forum too, like the 31 year old who is now starting to explore investments in the hopes of saving for the future, but constantly wonders why his dad (who worked in finance) never once talked about personal finances with him at a younger age. Instead, this Reddit user got cliche one-liners like, “Be responsible with your money.” Or, “Manage it wisely.” 

We understand where these people are coming from. Especially since millennials have been labeled as the financially strained generation, with many living paycheck to paycheck, and about 70% bogged down by high living costs and low wages. 

Don’t even get us started on debt, because the average millennial has racked up about $27,251 in non-mortgage debt, with homeowners’ debt resting around $232,272. 

With 90% of millennials dealing with some form of debt, it’s easy to see why the financial frustrations are being aired. 

The generational wealth gap is widening, and has been for a while. With fewer millennials buying homes or growing long-term wealth as their boomer counterparts, it puts a bit of a damper on the American Dream they thought they were headed for.

So, where does that leave us? Millennials may be right about not being fully prepared to thrive in adulthood. Financial literacy wasn’t a top priority for many boomer parents, and their offspring now face the consequences with things like crushing debt, very little retirement savings, and years of missed investment opportunities that could have changed their futures. 

But here’s the good news, are you listening? There is still hope for millennials to create a better financial future and break out of the daunting economic state they’ve found themselves in. 

Because, here’s the thing. The complaints we’re hearing about missed financial opportunities are valid. It would be amazing if financial literacy started at a young age, and important life skills were taught before adulthood. But we can’t go back in time, can we? We can’t change what has happened up until this point. 

You know what we can change? The future. 

It all starts with the acknowledgment that the shortcomings of your upbringing is not the end of your story. It’s the very beginning of your new journey towards financial empowerment, as you take your education into your own hands! 

Think about it. We’re living in a time where endless knowledge and resources are literally at the tips of our fingers – many of which are free and easily accessible. 

Want to learn how to become an expert sourdough bread baker? You can. Want to learn a foreign language, become a better plant parent, or embark on the latest DIY trend? You can, you can, and you absolutely can. 

Honestly? Boomers didn’t have even close to the amount of resources we now have. If you want to take your financial literacy and education into your own hands, there has never been a better time to start than right now. 

The digital age has democratized learning, meaning anyone with internet access can learn pretty much whatever they want to learn. 

And what better way to pursue a more solid financial future than by exploring how the wealthiest, most successful people have made their fortunes. Because here’s a hot tip… successful people love sharing their knowledge – whether through books, online courses, mentorship programs, etc. The information is out there.

The question is are you willing to seek it out and absorb every drop you can if it means you become the master of your own financial destiny? 

The truth is that financial literacy is a learned skill. It’s not inherited, and it’s definitely not a guaranteed part of American school systems.

So, if you want to take control of your personal finances and the rest of your life, it’s time to tap into the endless resources around you and start learning for yourself. Oh, and you don’t have to be a millennial for this to apply. Now is the time to start taking control of your financial education, no matter what generation you’re a part of! 

There are tons of inspiring success stories of self-made billionaires out there, usually from people who had much less direction and financial education than young people today. 

To begin your financial literacy journey, maybe you spend a little time getting inspired by people like that. Learn their stories, soak up their insights, and take their lessons to heart. You may find that you already have what you need to choose a better life and pursue financial freedom. 

Of course, as you continue your journey, it’s important to do more than just read about successful people. You’ll also want to surround yourself with mentors who have what you want, as well as others who are seeking financial stability for themselves.

Wealth accumulation isn’t meant to be a solitary endeavor, after all. Start creating a like-minded community that can help inspire and guide your own financial decisions. 

Don’t underestimate the power of networking here, because you never know what doors, windows, and even skylights can be opened when you have the right people in your corner. 

Adopting the mindset of learning from, sharing with, and supporting others along the way is truly the best approach to take, because there’s an endless amount of wealth out there. Helping someone doesn’t mean there’s less for you. In fact, you’ll find that sharing and connecting with others usually unlocks even more financial opportunities than you could ever imagine. 

So, what have we learned today? The generational wealth gap does not have to hold you back any longer! You can decide, right here, right now, to take your financial literacy and education into your own hands, regardless of the upbringing you received. 

There are plenty of opportunities for millennials to re-write the narratives about their generation and achieve true financial freedom with the right mindset, resources, and community. It’s not too late. 

Start by seeking out inspiring success stories and learning from those people. Then, find financial and business mentors to guide your efforts, dedicate time and energy to educating yourself with all different resources, and build yourself a solid, supportive community to come alongside you on your wealth-building journey. 

Your future self will thank you for the choice you make today!

Speaking of free resources… check out this next video for more tips to better your financial education! 


According to the Burns Home Builder Survey, builders across the country are projecting double-digit growth, with plans to expand community offerings by 11% by the end of the year.

While some regions experienced a recent slowdown from quick sell-outs, areas like Florida and the Southeast are expecting the highest growth, aiming for a 17% increase in community counts in 2024.

fascinating stats

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We're Palmy ➕ Nancy Kitti 〰️ The Kitti Sisters

A sister duo team obsessed with all things financial freedom, passive income, and apartment investing + apartment syndication, who turned a $2,000 bank account into a nine-figure empire.  Now, we're sharing with you the behind-the-scenes secrets of our wealth building strategy.

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