For a long time, there was a pretty predictable path to financial success. Get a steady job, work your way up, buy a house, save as much as possible and hopefully retire comfortably at the end of it all.

But a lot of millennials aren’t following that path anymore. And while that has sometimes been framed as millennials being financially behind, new research suggests something else may be happening: they’re simply making different choices with their money.

The Millennial Money Report found that nearly half of millennials (49%) believe they’re financially better off today than they were five years ago. At the same time, many are choosing flexibility, experiences, and independence over some of the financial milestones previous generations prioritized.

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They’re Choosing Flexibility Over the Traditional Career Ladder

Getting promoted and steadily climbing the corporate ladder isn’t necessarily the goal it once was. Three in five millennials surveyed said they’ve replaced the traditional career ladder with something else, including developing skills over chasing titles, creating something of their own or prioritizing flexibility and autonomy over advancement.

That doesn’t mean work isn’t important to them, either. About 31% said they identify with the work they do, compared with 24% of Gen X and 16% of baby boomers.

One Job Isn’t Necessarily Enough

The idea of finding a good employer and staying there for decades doesn’t fit quite as neatly into the millennial financial plan. About 19% said having a side hustle was one of the financial trade-offs they’ve made to reduce their dependence on a single employer.

For some millennials, extra work isn’t just about making a little spending money. It’s another source of income and a way to create more control over their finances if something happens to their primary job.

Homeownership Isn’t the Only Sign You’ve Made It

Buying a home has traditionally been one of the biggest markers of financial adulthood, but some millennials aren’t treating it as an automatic next step. About 16% said they’ve chosen renting over owning specifically because they value the mobility it gives them.

That distinction matters. Renting can certainly be a financial necessity, but for some people it has also become an intentional trade-off that allows them to prioritize flexibility rather than tying themselves to one place.

They’re Willing to Spend Money on Experiences

Previous generations may have treated travel as something you did after the bills were paid and the savings account was funded. Millennials are increasingly putting it directly into the budget.

Nearly seven in 10 millennials surveyed said they’ve made some type of financial trade-off to pay for a trip or experience. Some cut spending elsewhere, while 21% have taken on additional work specifically to fund a trip and 19% have chosen a less expensive living situation to free up the money.

Travel Is Becoming a Financial Goal of Its Own

For 23% of millennials, travel and experiences aren’t simply impulse purchases; they’re something they intentionally budget for alongside their other financial goals. Another 15% view spending on experiences as an investment in their happiness, relationships and memories.

That doesn’t necessarily mean they’re ignoring savings or spending without thinking about the future. It suggests that some millennials have simply decided enjoying their money along the way deserves a place in the financial plan, too.

They’re Figuring Out Money for Themselves

Another interesting part of the research is just how much millennials have had to teach themselves. About 39% said they figured out how health insurance works on their own, and the same percentage said they taught themselves how to do their taxes.

They’re also more likely to use tools to manage their finances. About 82% of millennials use at least one money-management tool or resource, compared with 63% of Gen X and 64% of baby boomers.

They’ve Stopped Measuring Progress the Same Way

Perhaps the biggest change isn’t what millennials are doing with their money, but how they’re deciding whether they’re doing well.

A striking 84% said they experienced some kind of financial mindset shift in their 30s. For some, that meant realizing financial progress looks different for everyone; others stopped comparing themselves to others or simply became more comfortable with where they were financially.

But There’s Still Pressure to Look Like You’re Doing Well

That doesn’t mean millennials have completely escaped the pressure to keep up appearances. About 61% acknowledged a gap between how they want others to perceive them financially and how they’re actually doing.

Interestingly, millennials were also much more likely to project some kind of financial image in the first place. Only 19% said they don’t project one at all, compared with 33% of Gen X and 42% of baby boomers.