Recent bank studies show Millennials are growing up with financial habits Gen Xers and Boomers would do well to adopt.

When Generation Xers think of Millennials and money, what do they typically think of first?

• Staggering student loan debt
• Mounting credit card debt
• Living at home with parents or in an apartment
• Disinterest in homes and mortgages
• Putting money in savings account instead of stocks
• Stagnant wages
• Preference for fun times over tangible goods

While these traits have fairly characterized Millennials as they came of age in the American workforce, TD Ameritrade’s Millennials and Money Research Report reveals a surprising level of fiscal responsibility in this generation. Though they still need to improve their financial literacy, they are spending and saving smarter today than they were just a few years ago.

“the loser now will be later to win, for the times they are a-changin’.”  – Bob Dylan

“…I am really good with money. I don’t spend too much at all.” – Justin Bieber

The report compared the spending and saving habits of 1,062 Millennials with 1,038 Baby Boomers. What it found will surprise you, whether you grew up listening to Dylan or Bieber.

Millennials Budget Better

Eight in 10 have a budget in place—not an abstract sense of when they’re approaching monthly sensible spending limits, but a tangible budget, in writing. Just 61 percent of Boomers can say the same. And of the respondents in both groups who had budgets in place, Millennials were more likely to be following their self-imposed spending restrictions. One of the key reasons is that they are 10 times more likely to use apps to track purchases against budgets.

They’re Goal Oriented in Savings

Quick, who spends more impulsively on unaffordable purchases, Millennials or Boomers? It’s Boomers. Millennials are more likely to save for goals other than retirement, more likely to have an independently constructed long-term financial plan, and more likely to create and strive for short-term savings goals. So if you’ve got something shiny and new to sell, consider targeting the more willing-to-buy Boomers.

Even with retirement, Millennials are more likely to retire when they reach their savings goal, rather than at a specific age. Of course, Millennials may say that now, but as they near retirement, they could be coerced (as many Baby Boomers are) by friends to retire sooner.

They Seek Professional Advice

The TD Ameritrade survey provided several hypothetical financial scenarios and asked whether respondents would seek help or solve the problems on their own. For each scenario, more Millennials said they would get professional advice, especially in home buying. This makes them less likely to jeopardize their savings by making serious money mistakes.

Other Financial Institutions Corroborate the Findings

According to the Chase Generational Money Talks Study, Millennials begin saving for retirement earlier than previous generations did. They start at an average age of 23, compared to 30 for Gen X and 40 for Boomers.

This survey also shows that Millennials are self-assured in their capabilities to handle major financial issues. Access to large social networks may provide some of this assurance.

A recent Bankrate.com survey shows that while Millennials are earning less today than older generations, they are saving more than five percent of their income. Less than half of their generational predecessors are doing the same. The survey also finds that Millennials are the most comfortable with their savings, debt, net worth, and overall financial health. Many might be deluded to feel so comfortable (especially those with high student loan and credit card debt), but with less stress, they are more likely to live to see the fruits of their labor.

The younger generation’s financial discipline is just what they need to escape debt and make a difference in their retirement readiness. Retirement may be a long way off, but we love to see that the financial future looks bright for an increasing number of Imprimis job candidates.