By Selina Stoller, Summit Consumer Receivables Acquisitions, LLC
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:
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!
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.
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.
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
- Josh Smith