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03Jul2018

Millennials Have Financial Focus

July 2018

By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC

Currently, 39 percent of Americans have no savings at all. Even worse, the average 2017 graduate has nearly $40,000 in student loans, and millennials are struggling to buy homes.

Despite negative reports on American’s personal finances, there are some inspiring data points.

Millennials are the best financial planners, savers, and goal setters of any generational group. Thirty-one percent have a written financial plan compared to 20 percent of Gen Xers and 22 percent of Baby Boomers. Women tend to be better long-term investors and are more likely to research major purchases.

Here’s a look at strategies millennials are using to set themselves up for financial success:

Ask questions

Many millennials living with the large burden of student loans have not accumulated assets and are hesitant about investing. Increased understanding also prevents panic during times of market turmoil. Do not be afraid to ask questions!

Join groups

Social media and other online communities have created platforms where people can support each other’s financial struggles, decisions, and successes. People are looking for a community to get educated and share advice.

Less confidence

Women tend to be less confident than men when it comes to financial planning. Women and millennials both are living their financial lives prepared for something bad to happen and make decisions based on a lot of research.

Don’t compete

Women disregard what their friends are doing financially. Instead, they ask questions that pertain to them and spend more time making sure investments are set up to meet their goals rather than trying to beat the market.

Debit and automation control

Millennials prefer debit cards over credit cards because they feel in control. Millennials also automate their saving which allows them to “set it and forget it.”

  • 3 Jul, 2018
  • Summit Consumer Receivables Acquisitions, LLC

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