In “Financial planning for grownups (really),” The Washington Post highlighted a group that is out to teach millennials about financial planning in settings tailored for them: “…the Society of Grownups…bills itself as an outlet for young adults who want to take control of their finances but who might be intimidated by the task.”
This venture is owned by an insurance company and the company assures readers that are not interested in converting young adults into insurance customers. Part of their efforts include offering different options suited to millennials in different situations: for $20 you can get a 20-minute “checkup,” while $100 covers a more detailed examination of your finances. There are also dinners for those who feel more comfortable learning about finance in a relaxed setting with wine and pasta.
Last month, we discussed how millennials save and spend. In spite of all the negative stories presented about millennials in the media, they are as earnest and as interested in fiscal responsibility as any other age group.
If you have millennials in your life and you are concerned with how they manage their finances, you can learn from this business venture. Perhaps traditional classes, books, or magazine articles are not the way to educate them. They might like something more informal.
If you are a curious millennial, think about how you can get the financial planning information you need while maintaining your independence. Pick your parents’ brains over coffee. Or form an investment club with friends in which each of you takes charge of educating the group on certain topics.
And if you are looking to work with someone one-on-one, consider a Fee-Only financial planner who won’t just give you a list of tasks and tell you to cut spending but will examine your life as a whole to help you reach your financial goals.