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Worried Millennials Need to Do Some Financial Planning

Portrait of young woman.Perhaps you have heard a lot about how Millennials (sometimes defined as those born between 1980 and the late 1990s and sometimes this definition extends into the 2000s) have a carefree attitude towards life and that they clash with older members of the workforce. Or on a more positive note, you may have heard that Millennials are altruistic, like to work in teams, and have a great interest in volunteering. Whatever you may have heard, this age group is not immune to money woes and financial planning concerns.

Allianz Life Insurance Company surveyed more than 3000 adults and found Millennials more likely want to do things differently (in comparison to Baby Boomers and Generation X).

A Time.com article discusses this survey and how “Millennial Money Worries Dictate Major Life Choices,” pointing out that sometimes finances get in the way of some of the Millennial generation’s non-traditional goals. This includes the desire to travel and to take breaks from work.

But Millennials are not unrealistic:

“Despite the challenges, Allianz found millennials understand they need to save more and have a plan in place if they want to leverage their options. When asked what they felt they needed to do since experts predict, on average, they will live to 100—Millennials’ top responses were “I better start saving money” and “I better get serious about financial planning.””

And that is where Millennials are not so different from the previous generations…saving money and financial planning are the cornerstones of financial responsibility. No matter your age, it is important not to spend all that you have. It is also important to have a plan and some financial goals that you can work towards.

Whether you are a Millennial who is not certain how to get to where you want to be financially or someone older who would like to the Millennials in your life, you can seek the help of a Fee-Only financial planner.