Money and Millennials

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Millennials, also referred to as Gen Y or Generation Me, is a term that encompasses the population of people born after the year 1980. And although we may be well past the Great Depression, this particular group of individuals still faces an uncertain economic future, which means now more than ever it is essential that they begin to fall into strategic savings habits in order to prepare for the years to come.

According to a study done by Fidelity Investments, approximately 39% of Millennials already find themselves worrying about money once a week. In terms of what their financial goals are, results show that Millennials are primarily concerned with preparing for retirement, being able to pay off credit card debt, and, of course, paying off those hefty student loans - with all of these topics and more hanging over their heads, it's no surprise that money is already becoming a concern for them on a weekly basis.

That being said, where do Millennials turn for financial guidance? Who influences their overall thoughts and feelings towards money to begin with?  Bank of America explains that "8 in 10 Millennials believe their attitudes towards money were influenced 'a lot' or 'some' by their parents." In fact, they go on to explain that their research proves that parents are the strongest influence when it comes to money related matters, which is why it is so important for them to encourage their children to start saving early. 

So what can be done to help Millennials feel financially stable as they continue to move towards their future? One particular strategy that US News & World Report MONEY suggests is being more vocal about money - 76% of Millennials say that it isn't difficult for them to discuss savings strategies with their parents, according to the Fidelity findings. Being that this number is already so high, it's important for Millennials to continue using this strategy and openly discuss money with their parents regularly. Additionally, it may be worth it for Millennials to use apps or other digital platforms to aid with the management of their money. But of course, when it all comes down to it, one of the best things anybody can do is to meet with an experienced financial planner to learn more about savings opportunities and the various approaches one can take to prepare for their future.

At American Investment Planners LLC, we strive to help individuals of all ages with their financial future. Specializing in areas such as retirement planning, estate planning and tax planning investment management, we have the tools and resources necessary to guide our clients towards the strategies and plans they need to best suit their financial goals.

For more information about our services and how we can help, please visit www.americaninvestmentplanners.com or call (516) 932-5130.