It is no secret that financial planning has been a lacking skill taught to Millennial’s. Many trends have shown that American’s between the ages 18 and 34 do not manage their fiances responsibly and have little concern for the future with their money. However, new statistics show that things may be improving. Scarborough Capital Management did a study to determine how many people in the age group were following the recommendation to be placing at least 15% of their income into a 401K. They were disappointed at first to discover that it was only 22.5% of individuals were doing so. Further investigation showed that, in fact, 72.8% of the same group were investing their money elsewhere though using a more diverse means of investment. (Javier Simon, PlanAdvisor, Few Millennial’s Making Recommended 401(k) Contribution)
Lets follow suit! You can ask an insurance agent today about finical planning and how to prepare for your future. As many Millennial’s have discovered, there are a variety of ways to manage your own finical future and the future of those you love.