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Tag: millennials

Millennials make up the largest labor force in the U.S. and are expected to work longer due to college debt, rising rent costs and uncertain retirement benefits such as Social Security.

The Millennial generation, which spans 18 years, hasn’t been dealt the best hand, having come of age during the post-9/11 and Grand Recession era. However, that doesn’t mean that they should abandon hopes for the the future, or consider a “work till I’m dead” approach. Financial education and smarter decision making will help this generation overcome obstacles, while also potentially being the savviest generation on record.

1. Your teens

One of the biggest mistakes you can make in your teens is not seizing the opportunity to learn about money and establish a foundation for the rest of your life.

Some of us are lucky in that our states require us to complete personal finance courses to graduate high school, so we’re forced to pay attention to the importance of learning about savings.

However, regardless of whether financial education is required or not, you should make it a priority at this point in your life.

A lot of people complain that personal finance is boring, but if you listen to the experiences of the people you know — parents, grandparents, relatives, family friends, etc. — you will learn a life lesson and probably hear some great stories in the process. At this stage in your life, it is all about the basics. You don’t have to start investing now!

Lastly, consider getting your feet wet in the job market with a part-time job you enjoy so you can start understanding the value of money and learning how to budget for yourself.

2. Early 20s

In your early 20s, you may be in college or just entering your first full-time job. Either way, both these paths bring a new kind of freedom. However, while it’s easy to embrace and experiment with that independence, you can’t forget that earning extra income will give you cash to spend now and to save for later.

Whether you’re in college or working after high school, don’t wait to start saving for retirement until you have access to a 401k plan. Consider using a saving app, or even going to your local bank to set up a savings account. Not only are you saving money early, but you’re building a financial reputation with your bank, which will come handy if you seek a loan in the future.

3. Mid- to late-20s

By now, you’re probably either a full-time member of the workforce or actively pursuing your career. This is when you want to look for jobs that value their employees enough to offer the right benefits that will help you save for retirement and other necessities.

It’s okay if your first job does not offer an employer-sponsored retirement plan – you are still investing in your career by gaining useful experience. However, you want to make sure your next company offers some kind of employer-sponsored savings plan.

Even if it seems like a flashback to a classroom, go to your company’s open enrollment meetings, which are filled with useful information.

After you start contributing to a retirement plan and building the foundation for a nest egg that will grow over time, you will start to learn about yourself and your investment style. Are you risky, conservative or somewhere in between?

4. Early 30s

As your salary and responsibilities grow, so will some of your expenses, but it’s important to increase your savings contributions with those raises and promotions. This is the right time to identify bad financial habits you may have developed and correct them before it’s too late.

If you miss out on savings opportunities now, it will cost you a lot more down the road. Everyone has retirement dreams, but they won’t become a reality without implementing a healthy savings strategy!

Millennials and boomers are constantly being compared to in the media as generations with conflicting goals, challenges, and lifestyles – including their retirement savings habits. We were intrigued by the results of this T. Rowe Price study, which found the two generations’ are saving about the same while their budgeting habits differ. The study compared their retirement plan contributions, budgeting practices, and auto-enrollment preferences.

After checking out the study, we compiled the most compelling statistics for you into an infographic.

ubiquity-millennial-boomer-infographic

Good news – ­it seems the world is finally getting to know us. There is now a plethora of Millennial-focused studies, articles, and apps that cater to our vast, diverse generation and rightfully so, as there are more than 80 million of us in the U.S. alone! Here’s what Millennials need to know about money, whether it’s becoming more familiar with investing, saving or more educated about money, there are resources to help us achieve our goals.

1. Millennials should make these 3 moves now to retire with $1 million

This Money article goes beyond the typical “start saving early” tip that we have all heard. Instead, the piece gives actionable steps we can be taken to retire with a healthy nest egg, such as allocating our portfolios heavily toward stocks. The real gem in this article is the warning to avoid investments laden with fees we may not have even known existed. It’s time to stop wasting our money and start putting it to work for our Future Selves!

 2. Capital one survey uncovers Millennials’ attitudes on spending, saving, and sharing

Ever wonder how your friends viewed money, but couldn’t figure out how to ask? You’re in luck because this recent Capital One survey, entitled Millennial Mindset on Money, asks for us. The study looks at some important questions about finance and privacy, security, personal relationships, and technology—basically everything we care about. For example, did you know more than 14 percent of those surveyed said being a money moocher is a deal breaker when it comes to romantic relationships? How many respondents do you think said they would use Facebook to access their money? Check it out for more eye-opening responses.

 

3. Acorns

Finally, there is a financial management app designed specifically with our needs in mind! In a world where we are faced with mountains of student debt and a high cost of living, it’s easy to feel like we just don’t have extra money to be investing. Acorns allow us to take our spare change from everyday purchases and invest it into one of five diversified portfolios. As an added bonus, we can make unlimited deposits and withdrawals at no cost so our money can be flexible with our unpredictable needs. Acorns is a free app to download, and it costs as little as $1 per month to maintain. Good news students – it’s free for you!

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1160 Battery Street, Suite 350, San Francisco, CA 94111 / Support: 855.401.4357

© 2018 Ubiquity Retirement + Savings / Privacy Policy
1160 Battery Street, Suite 350, San Francisco, CA 94111 / Support: 855.401.4357