Being a Financial Grown-Up
Millennials have faced some criticism as a generation. They’re accused of being irresponsible, entitled, and more. Obviously, not all people in this age group fall into those categories, but studies would indicate that financially speaking, it’s time to face up to the idea that some “adulting” is required on the part of Millennials in their financial behavior.
Only a very small percentage of American students can assess the potential outcomes of financial decisions. And in financial literacy standings, on a world stage, the United States placed 9th in financial literacy, behind China, Australia, Poland, and others.
The link between financial literacy and responsible economic behavior is an obvious one. If we are to live financially secure lives and enjoy a good quality of life with sound investments and financial well-being, then financial education is an absolute must.
Millennials, according to New York Life, are serious about money, and they want to be smart with it. In fact, they view financial well-being as an essential ingredient of being good at life. Many watched their parents lose their homes or retirement savings in the recession. Now as maturing Millennials have children, buy homes, and build their careers, they value a financially secure future.
The best advice for maturing Millennials is to act now to make a smart financial plan. If you want to exercise more or eat healthier foods, you might think about joining a gym or hiring a trainer. Similarly, a financial professional can serve as the personal trainer for your financial fitness. Some of the most basic and important areas to tackle early are making a budget, so you can control your spending, save for the future, and help make informed choices to protect and grow your financial well-being.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC