The financial lives of the millennial generation.
Millennials, defined by the Pew Research Center as those born between 1981 and 1996, have experienced significant economic events like the 2008 financial crisis and the COVID-19 pandemic. These events have shaped their social and financial perspectives, creating unique financial challenges for them.
Between paying off past debts, managing current finances, and investing for the future, finding financial balance can be daunting. Let’s explore the financial struggles millennials face today and provide tips to help you overcome them.
Tackling Past Debt
With the rising costs of higher education and housing, millennials often struggle with debt. Paying off this debt can be overwhelming, especially while managing daily expenses and planning for the future. The key to handling debt is not to ignore it. Take the time to develop a debt management plan that suits your family and budget.
Tip: Use financial calculators to get a clear picture of your outstanding debt. See the impact of increasing your monthly payments or find out how long it will take to pay off your credit card.
Balancing Family Finances Today
Focusing on today’s financial challenges is sometimes all you can do, and that’s okay! Whether you live alone, with a partner, or have started a family, daily life can be expensive. Establishing a solid budget will help you manage daily costs and unexpected expenses.
Tip: Our free budgeting tool, Money Management, can simplify balancing your family budget. It provides a comprehensive view of your finances in one place, offering personalized insights on transactions, spending, budgets, debts, goals, net worth, and more.
Managing Money and Investing for the Future
Thinking about the future can be hard when you’re just trying to get through today. However, saving and investing for the future will benefit you in the long run. By strategically managing your money, you can gradually build the financial future you desire.
Tip: Whether you have long-term or short-term savings goals, we have solutions to help you achieve them. We offer savings certificates with various terms, Money Market options that provide steady returns without locking up your cash, and Individual Retirement Accounts (IRAs) to support your retirement goals.
After reviewing these financial challenges faced by millennials, it’s understandable to yearn for simpler times when choosing a movie from Blockbuster was your biggest worry. Managing money today is complex and time-consuming, but our team at Clearview is here to help!
