Millennials and Their Money

Millennial generations are often empowered for the real world and often shaped to be unprepared. However, according to a recent survey, nearly half of the millennial generations currently own their own homes, 44% hold degrees with undergraduate degrees, at least 60% already contribute to retirement accounts I will. 28% of the millennial generation also has a portfolio

However, the Millennial generation is lagging behind one aspect. That is an understanding of personal finance. According to studies conducted by George Washington University funded by the National Financial Education Foundation (NEFE®), less than 25% of the millennium has never received financial education and only 7% has a high level of financial knowledge Indicated.

The high cost of education and homeowners brought considerable debt. More than 70% of the millenniums have at least one long-term borrowing and 30% own more than one. It usually includes student loans, rotation accounts, unpaid medical expenses.

All of these obligations affect the ability of Millennial generation to manage expenditure. Over the past 12 months, it is difficult for one in four to create excessive checking accounts and 23% withdraw from the retirement account.

Ted Beck, President and Chief Executive Officer of NEFE, says:

It is clear that financial education is the key to the long-term success of the Millennial generation. Here are four tips to help young people improve their heads.

Dealing with debt: According to this survey, most (53%) millennium generations think they have too much debt and many are dissatisfied with their overall financial situation.

If a stable salary is entered, repaying debt as soon as possible is a top priority. Please check SAM's smart debt repayment method

Focus on revenue: Getting a career is a complex and personal process. In particular, the Millennial generation needs to consider the long-term outlook. Is this a reliable career that generates income to support future dreams? Access to part of SAM's work and funds

Management of expenses: The first few salaries may be revelations. Overnight, you have changed from $ 0 to normal income flow. However, in order to achieve long-term success, it is important to manage expenditures. Millennial generation needs to calculate monthly income, create a monthly budget and use a part of that budget for savings and investment. Display spending and borrowing parts of SAM

Do not forget the future: When you enter the labor market, retirement is often the last thing you want, but life is going far beyond expectation. The millennium gap between the 20-year old retirement fund and the 30-year old retirement fund may be over 100,000 dollars.

There was also a time to save large shopping like home and set up an emergency fund for unexpected expenses. Do you want a strategy? Read SAM's savings hints and join the emergency fund program

[References to a specific company, product, process or service are not meant to imply or endorse the warranty or recommendation by the National Financial Education Foundation.

How do you spend money with the Millennial generation? Unlike older generations, the rent for most millenears (two thirds). In addition to those born before 1929, the Millennial generation has the least number of vehicles (1.5) Xen Xer generally uses the most, but the Millennial generation has the largest budget (over 6%), . Millennial generation has less entertainment expenditure (2,186 dollars) than the generation of baby boomers and Generation X. Millennial generation spends less on clothing than baby-boomer generation or X generation ($ 1,708), but spends most on motorcycles. They also spend the most ($ 169) on clothes for children under 2 years of age. #BabyShowers Details: bls.gov/generations

Millennial Money is a personal financial and cash management blog for over a thousand years, written by Millennials. We are often referred to as a group born between 1981 and 1997. This year, the millennial generation will exceed the baby-boom generation and become the largest generation of 75.3 million Americans' history. We are known as Millennial generation, generation Y, "I am my generation", "Football trophy generation". We are called "right", "narcissism", "laziness" and even "imagination", but it is also called "entrepreneurial spirit", "optimismism", and "idealism". In the 1920s and 1930s, when we came to take over the labor force (now one third of all US workers are Chitose), we are sure to be anyone as a generation . It is a fundamentally different place. We have our own opinion about career, family, and values.