It is no secret that Millennials, men and women ages 25-34, are very different from their parents and grandparents. But many of those differences stem from the fact that Millennials are facing challenges, specifically financial challenges, that previous generations didn’t have to face, such as crushing student loan debt.
At a time when the largest generation in history is starving for financial guidance, only 29% of them have sought out professional financial advice, according to an IQuantifi survey. Help empower your child to face his or her current and future financial situations by helping them find financial guidance at a young age. It can make an impact.
A 2016 study from the Stanford Center on Longevity found that Millennials are in the “most troubling” financial situation. For those with student debt, the current average is around $47,000. For many just starting their professional careers, making these monthly payments means indefinitely putting off buying a home or saving for retirement. The Stanford study found that less than one third of Millennials live in their own homes, a 20% decline since 2000. This inability to make investments for the future can potentially wreak havoc on your child’s assets later in life, not to mention their overall happiness.
But by taking action now, your child can find the right solutions to help them reach their goals and thrive in today’s world. Please call my office at 814-536-1040 to schedule an appointment with your child. Together, we can make sure your child is on the right financial path.