For a long time, Millennials have found a bad rap with money and their ability to save a rainy day or retirement.
However, a new “Relationship With Money” survey conducted by financial services company Edward Jones found that more Americans born between 1981 and 1996 consider themselves “custodians” than those in the Gen-X group of their parents percent 48 compared to 46 percent., but that Millennials were also better at buying emergency finances 75 percent versus 66 percent.
All right. For the same millennium its motto would be “Why buy a car when you know Uber?”
"This dispels the myth that Millennials are not as financially sound as other generations," said Edward Jones investment investor Nela Richardson.
And the survey is not an external phenomenon. It is supported by other research.
The Federal Reserve Survey on Consumer Finances has found that although Millennials are heavily in debt, more than 42 percent have retirement accounts, the highest proportion of those under the age of 35 since 2001.
Part of what drives Millennials' emphasis on savings may be due to long-lasting memories of the Great Recession.
Says Richardson: “Back in the late 2000's, the oldest group of thousands of people entered the market for the worst jobs since the Great Depression of the 1930s.
"For younger millenniums, watching their parents and other family members go through that may have made them aware of the risk of a market downturn or other unexpected event, such as the loss of a home or job, so they save a lot when it comes to spending and saving on adult lives," Richardson said.
One potential alarm signal revealed by Edward Jones' sample of more than 2,000 adults nationally aged 18 and over Although 92 percent were honest enough to see that there was room to improve their financial health, the very idea of saving money was enough to make it. more than a third feel “anxious” or “frustrated.”
If that sounds familiar, here are three steps you need to consider:
Identify your feelings about money. People often respond emotionally to money. Getting a big bonus at work can make you feel good trauma of what you have to do with it can be crippling as the sensible part of your brain invest.
At least a large part of it fights it with the emotional part splurge it all. The important thing to know is that letting your emotions control your spending habits, savings, and investment choices can lead to bad decisions.
Develop a financial plan. Keeping cool starts by identifying your main goals - the minimum payment for a new home, a college for your children, a comfortable retirement and then sticking to a reasonable, long term goal.
Find a "accountable partner." That is, someone you are free to share your finances with. It could be a family member. Or a professional financial adviser, such as a local Edward Jones, who has the vision, knowledge, and skills needed to help you make your move.
"Whether you're stuck in student debt, saving up for a home or trying to build an emergency fund, there are some issues that need to be addressed in balancing.
These short-term goals and our long term financial future, such as retirement," said Richardson. "Without a sound financial plan, most people tend to be industrious rather than industrious and feel that their money controls them."
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