For too long, Millennials have gotten a bad rap about money and their ability to save for a rainy day or retirement.
However, a new “Relationship With Money” survey by financial services firm Edward Jones found that not only do more Americans born between 1981 and 1996 consider themselves “savers” than those in their parents’ Gen-X cohort (48 percent vs. 46 percent), but that Millennials also were better at socking away emergency funds (75 percent vs. 66 percent).
That’s right. The same Millennials whose motto could be “Why buy a car when you can Uber?”
“This debunks the myth that Millennials aren’t as financially focused as other generations,” says Edward Jones investment strategist Nela Richardson.
And the survey isn’t some outlier. It’s supported by other research.
The Federal Reserve Survey on Consumer Finances found that while Millennials are deep in debt, more than 42 percent have retirement accounts, the highest share for those under 35 years of age since 2001.
Part of what’s driving Millennials’ emphasis on saving could stem from lingering memories of the Great Recession.
“Back in the late 2000’s, the oldest cohort of millennials entered the worst job market since the Great Depression of the 1930’s,” says Richardson.
“For younger millennials, watching their parents and other family members go through that experience may have also made them more aware of the risks of a market downturn or some other unexpected event, such as losing a home or a job, and so they’re more conservative when it comes to spending and saving in their adult lives,” says Richardson.
One potential alarm bell uncovered by Edward Jones’ sampling of more than 2,000 adults nationally age 18 and over: While 92 percent were honest enough with themselves to recognize there was room for improvement in their financial health, the very thought of saving money sufficed to make more than a third feel either “anxious” or “overwhelmed.”
If that sounds familiar, here are three steps to consider:
• Identify your money-related emotions. People often have emotional responses to money. Getting a big bonus at work can make you feel euphoric; agonizing over what to do with it can be paralyzing even as the logical part of your brain (invest at least most of it) fights it out with the emotional part (splurge it all!). What’s key is knowing that letting your feelings dictate your spending, saving and investing choices can lead to poor decisions.
• Develop a financial strategy. Keeping your cool starts with identifying your main goals – a down payment on a new home, college for your children, a comfortable retirement – and then sticking to a sound, long-term path for attaining them.
• Get an “accountability partner.” Meaning, someone with whom you’re comfortable sharing your finances. It could be a family member. Or a professional financial advisor, such as a local one at Edward Jones, who has the perspective, experience and skills necessary to help you make the moves appropriate for your situation.
“Whether you are strapped with student debt, saving to buy a home or trying to build an emergency fund, there are trade-offs that must be made in balancing these short-term goals and our long-term financial future, such as investing for retirement,” Richardson says. “Without a sound financial strategy, most people tend to be reactive rather than proactive and feel that their money is controlling them.”
Credit: NewsUSA
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Three Ways Millennials Can Start Saving More Money
The latest lifestyle news headlines with Fulfilling.info focuses on making your lifestyle better by giving the most profound insights into our daily lives.
Our motto is to motivate our readers to lead a better life with the best content.
Presidential Kush is an Indica-leaning hybrid with a dynamic flavor profile.
Not to be confused with Presidential OG, a strain created by Royal Queen Seeds, Presidential Kush is the brainchild of DNA Genetics, the same breeders responsible for taste-focused strains like Sour Cream
Research shows that to be in good health we need healthy relationshipsFor kids, it is the happiest time to attend family gatherings.
Sometimes family gatherings are important to reunite broken relationships between families.
The best time to solve the problems is when families come together and some special bonds.Family gatherings also help to get a break from life, schools and jobs to get relaxed.
"Our family is a circle of solidity ;founded on faith, joined in love, kept by God together forever"Taking out a few hours for family gatherings is very beneficial for the family.
Family gatherings give you a reason to take a break from work and focus on people who are important and make life meaningful.
Today people are very busy with their routines of hustle-and-bustle so it is very important to get relaxed from such routines and spend some quality time with loved ones.
Each time you reach for something to eat to satiate your different mood- anger, fear, sadness, depression- it becomes emotional eating .Beware of it as these comfort foods can be really bad.Food cravings could be due to emotional, hormonal or biochemical reasons.
Small number of craving could be a result of food allergy or even nutritional deficiency.How to reduce them: • Have small and frequent meals .when we skip meals our blood sugar levels falls which results in food craving, over eating and even binges.
Dehydration confuses the body and often makes us feel hungry.
It is a good idea to take a glass of water every hour.
• Never reduce your calorie intake below a safe level.800 calorie diet can only be taken under supervision.
Even during weight loss one must not opt for a diet less than 1200 calories.
Everyone knows about the importance of taking care of your health.
But for most people, caring for their health is more of an ideal to aspire to — not something to actually practice.
If you asked a random person on the street how important their health is to them, chances are they’d reply that their health is very important.
Yet too many Americans live with unhealthy lifestyles, failing to recognize the importance of taking care of your health.https://serveidaho.org/the-importance-of-taking-care-of-your-health/
Think again, do you want to lose those extra kilos, know the common weight loss mistakes that are preventing you from getting the desired results.
Browse this siteLack of TimeOne of the universal excuses most people opine for not doing exercise is lack of time.
The real truth is if you want to lose weight, you can find a way to exercise.
If nothing works, chart out a schedule and put all your other work in the back to make your health a top priority.Setting up Unrealistic GoalsWhen a person starts dieting, he/she is full of enthusiasm.
Setting small achievable steps will give you lasting results.Stop following the Wrong DietIf you are trying to follow a weight loss diet that has worked for your friend, you are walking on the wrong path.
A diet is prepared to take care of the needs, lifestyle, health, and preferences of the person.When you prepare a diet for yourself, consider your medical background, food preferences, and lifestyle.
1888PressRelease - World Sleep Day is an annual event that calls to action important issues related to sleep using collaborative efforts energized by sleep professionals all over the world.
The focus of World Sleep Day is to bring cognizance to the many burdens of sleep problems, as well as the importance of healthy sleep.ROCHESTER, MN — World Sleep Society is issuing a global call to action about the importance of healthy sleep.
Preserving regular circadian rhythms have been found to lower the risk of sleep disorders, mental health disorders and chronic health issues such as obesity and diabetes.Professor Debra J. Skene of University of Surrey, UK has over 25 years research experience studying human circadian rhythms in health and disease.
She explains, “If there is misalignment between the circadian timing system and behavior, such as during night shift work or following travel across time zones, then one is sleeping and eating at the wrong time of day.
This has acute consequences (daytime sleepiness; reduced performance and increased risk of accidents) as well as long term consequences (increased risk of metabolic disorders, cancer).”The 11th Annual World Sleep Day has partnered with Thrive Global, Westin Hotels & Resorts and Ferring Pharmaceuticals.
More sponsors will be included before March.Arianna Huffington of Thrive Global, author of The Sleep Revolution: Transforming Your Life, One Night at a Time, asserts, “Sleep is the underpinning of our entire well-being, necessary for us to fully recharge and be productive, creative and truly connect with ourselves and others during the day.”“Today’s over-scheduled and always-on culture has spurred a counter-movement among those who see the value in getting a good night’s sleep,” said Brian Povinelli, SVP and Global Brand Leader, Westin Hotels & Resorts.
Women's health is one of the most ignored issues, Learn how these five tips can help you to lead a healthy lifestyle to know more with us.
The latest lifestyle news headlines with Fulfilling.info focuses on making your lifestyle better by giving the most profound insights into our daily lives.
Our motto is to motivate our readers to lead a better life with the best content.
Everyone knows about the importance of taking care of your health.
But for most people, caring for their health is more of an ideal to aspire to — not something to actually practice.
If you asked a random person on the street how important their health is to them, chances are they’d reply that their health is very important.
Yet too many Americans live with unhealthy lifestyles, failing to recognize the importance of taking care of your health.https://serveidaho.org/the-importance-of-taking-care-of-your-health/
Presidential Kush is an Indica-leaning hybrid with a dynamic flavor profile.
Not to be confused with Presidential OG, a strain created by Royal Queen Seeds, Presidential Kush is the brainchild of DNA Genetics, the same breeders responsible for taste-focused strains like Sour Cream
Research shows that to be in good health we need healthy relationshipsFor kids, it is the happiest time to attend family gatherings.
Sometimes family gatherings are important to reunite broken relationships between families.
The best time to solve the problems is when families come together and some special bonds.Family gatherings also help to get a break from life, schools and jobs to get relaxed.
"Our family is a circle of solidity ;founded on faith, joined in love, kept by God together forever"Taking out a few hours for family gatherings is very beneficial for the family.
Family gatherings give you a reason to take a break from work and focus on people who are important and make life meaningful.
Today people are very busy with their routines of hustle-and-bustle so it is very important to get relaxed from such routines and spend some quality time with loved ones.
Think again, do you want to lose those extra kilos, know the common weight loss mistakes that are preventing you from getting the desired results.
Browse this siteLack of TimeOne of the universal excuses most people opine for not doing exercise is lack of time.
The real truth is if you want to lose weight, you can find a way to exercise.
If nothing works, chart out a schedule and put all your other work in the back to make your health a top priority.Setting up Unrealistic GoalsWhen a person starts dieting, he/she is full of enthusiasm.
Setting small achievable steps will give you lasting results.Stop following the Wrong DietIf you are trying to follow a weight loss diet that has worked for your friend, you are walking on the wrong path.
A diet is prepared to take care of the needs, lifestyle, health, and preferences of the person.When you prepare a diet for yourself, consider your medical background, food preferences, and lifestyle.
1888PressRelease - World Sleep Day is an annual event that calls to action important issues related to sleep using collaborative efforts energized by sleep professionals all over the world.
The focus of World Sleep Day is to bring cognizance to the many burdens of sleep problems, as well as the importance of healthy sleep.ROCHESTER, MN — World Sleep Society is issuing a global call to action about the importance of healthy sleep.
Preserving regular circadian rhythms have been found to lower the risk of sleep disorders, mental health disorders and chronic health issues such as obesity and diabetes.Professor Debra J. Skene of University of Surrey, UK has over 25 years research experience studying human circadian rhythms in health and disease.
She explains, “If there is misalignment between the circadian timing system and behavior, such as during night shift work or following travel across time zones, then one is sleeping and eating at the wrong time of day.
This has acute consequences (daytime sleepiness; reduced performance and increased risk of accidents) as well as long term consequences (increased risk of metabolic disorders, cancer).”The 11th Annual World Sleep Day has partnered with Thrive Global, Westin Hotels & Resorts and Ferring Pharmaceuticals.
More sponsors will be included before March.Arianna Huffington of Thrive Global, author of The Sleep Revolution: Transforming Your Life, One Night at a Time, asserts, “Sleep is the underpinning of our entire well-being, necessary for us to fully recharge and be productive, creative and truly connect with ourselves and others during the day.”“Today’s over-scheduled and always-on culture has spurred a counter-movement among those who see the value in getting a good night’s sleep,” said Brian Povinelli, SVP and Global Brand Leader, Westin Hotels & Resorts.
Women's health is one of the most ignored issues, Learn how these five tips can help you to lead a healthy lifestyle to know more with us.
Each time you reach for something to eat to satiate your different mood- anger, fear, sadness, depression- it becomes emotional eating .Beware of it as these comfort foods can be really bad.Food cravings could be due to emotional, hormonal or biochemical reasons.
Small number of craving could be a result of food allergy or even nutritional deficiency.How to reduce them: • Have small and frequent meals .when we skip meals our blood sugar levels falls which results in food craving, over eating and even binges.
Dehydration confuses the body and often makes us feel hungry.
It is a good idea to take a glass of water every hour.
• Never reduce your calorie intake below a safe level.800 calorie diet can only be taken under supervision.
Even during weight loss one must not opt for a diet less than 1200 calories.