Financial Advisors Weigh In On The Future Of Millenials
I recently spoke with some experienced financial advisors and asked them to share their thoughts on the future of millennials financially. Unfortunately, they did not feel confident in young America’s future and believe that millennials are unaware of how to manage their finances and are unprepared.
Many of the advisors have observed the millennial mindset (including how their own kids think) and feel as though there is an entitled mindset that wants instant gratification and is not focusing on their financial future. As a parent, their instinct is to provide and take care of their child, but is that a good thing? Is it possible that the generation before millennials has created such a financial cushion that millennials do not feel the urgency to save and plan for their future.
Studies show that life expectancy has increased by 30 years, therefore millennials need to save much more to prepare for retirement. One advisor suggests saving half of your age. For example, if you’re 30 years old, you should save 15% of your income. This insures that you don’t have to work for the rest of your life.
On the bright side, many of the financial advisors believe that millennials are highly intelligent and are capable of turning their fiscal fate around and it’s time to do something about it…
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