Millennials may be blamed for a number of things. From having a sense of entitlement, to being ‘lazy’ at the workplace (which is actually a misconception), but when it comes to managing money, a recent survey proves they can be extremely efficient.

Following the struggling economic state of the country– and the world in general, so much has been thrown at the average working millennial, yet they remain resilient in the face of adversity. Sure, there are documented instances of millennials’ financial challenges. A notable few include piling student-loan debts, unwillingness to invest in the stock market and a propensity to overspend on their social lives.

However, millennials are putting a new spin on smart money management that older generations could borrow a page or two. Their savvy use of apps like B is not the only way they are excelling at budgeting. A recent study on Next Generation Research conducted by TD Ameritrade compared the spending and savings habits of 1,062 millennials and 1,038 baby boomers.

The following are smart money moves practiced by millennials questioned in the study

1. Budgeting

When it comes to budgeting, the younger generation are applying some financial smarts. The report showed that 80% of millennials have a spending budget as opposed to 61% of boomers. It was also revealed that millennials were also more likely to work with their budget some, most or all of the time.

Is it surprising that the results are reversed? Yes. According to one of the researchers, boomers are believed to be the ‘more responsible’ generation, and their fixed income makes it essential to budget carefully as they approach retirement. No doubt, technology is on the side of millennials, with so many apps disrupting the financial tech space, budgeting has become a lot easier.

2. Setting goals for savings

Not having much to stash away does not discourage millennials from adopting a smart savings culture. When compared to baby boomers, the younger group were more likely to be putting money aside for a specific goal different from retirement.

More millennials also admitted to having a written plan for their financial objectives, besides consulting a financial advisor. It is advisable to have written financial goals and a bucket savings to monitor your progress.

3. Seeking professional help

In a questionnaire that presented up to eight hypothetical scenarios, including receiving an inheritance, buying a property and planning for retirement, millennials in all situations said they would consult a financial professional for help.

A tendency to seek professional assistance in big money situations is a positive thing. It reduces chances of mistakes and builds more confidence in their ability to handle similar responsibilities in future.

4. Flexible retirement expectations

In a comparison chart, results showed that the younger generation were a lot less likely to put a specific age on their retirement. Only 36% of millennials put is up as a marker, as opposed to 56% of baby boomers. Instead, they are more likely to announce retirement after having saved a particular amount of money.

They are also more likely to retire later if it would make their retirement savings last longer. Generation X (boomers) on the other hand, still have a herd mentality. If the bell tolls at 65 years, they “pack up and leave.” A practice which is still common among their peers.

The flexible retirement plans of millennials can make a significant difference in their readiness to retire and retirement lifestyle. It is definitely something the older generation can pick up on.