The financial lives of the millennial generation.
Millennials, as defined by the Pew Research Center, are described as individuals born between 1981 and 1996. Having lived through many significant economic events, such as the 2008 financial crisis and COVID-19 pandemic, this generation has distinct social and financial outlooks and faces a unique set of financial hurdles.
Between paying debt from the past, managing money today, and investing in the future, striking financial balance can be overwhelming. Let’s take a look at the money struggles millennials are currently facing and tips to help you overcome them!
Tackling debt from the past
With the rising cost of higher education and homes, the millennial generation may find themselves struggling to tackle their debt. Digging yourself out of this debt can feel daunting, especially when you’re trying to balance the expenses of everyday life and managing money for the future. The most important thing to do when it comes to debt is to not ignore it. Take the time to come up with a debt management plan and strategy that works for your family and your budget.
Tip: We have various financial calculators to help you get a better picture of your outstanding debt. See the impact of increasing your monthly payment or discover how long it’ll take to pay off your credit card.
Balancing family finances today
Sometimes all you can do is focus on the challenges of today, and that’s completely okay! Whether you’re living solo, with a partner or spouse, or have started a family, day-to-day life can get expensive. Making sure that you have a strong budget as a foundation to your finances will ensure that you can weather daily costs and even unexpected expenses.
Tip: Balancing all the aspects of your family budget is easier when you use our free budgeting tool, Money Management. This tool has a variety of features that provide you with a 360-degree view of your finances in a single location, giving you proactive and personalized insights broken down into different categories such as, transactions, spending, budgets, debts, goals, net worth, and more.
Managing money and investing in the future
How can you think about the future when you’re just trying to get through today? We totally get it. However, starting to save and invest in the future will surely help you in the long-run. By managing money in a strategic way, you can slowly start building the financial future you’re aiming for.
Tip: Whether you’re looking to achieve your long-term or short-term savings goal, we have solutions to help you get there. We have savings certificates with various terms to fit your needs, Money Market options that give you steady returns without tying up your cash for a long time, and Individual Retirement Account (IRA) solutions that let you pursue your retirement goals.
After reviewing these money struggles of the millennial generation, we’re sure you’re daydreaming of simpler times where the most stressful task of your day was deciding on what movie to rent from Blockbuster. In all seriousness, we know that managing money nowadays is overwhelming, demanding, and time-consuming. Our team at Clearview wants you to know that we’re always here to help!