For many Millennials and Gen Z adults, it seems as though financial education has been minimal, or even skipped entirely. Focusing on budgeting, goal setting, personal savings, retirement planning, and debt management all at once can be overwhelming; in addition, rising costs of living and inflation have increased the need to be disciplined and get on track. Fortunately, there are steps that can be taken to build a healthy financial future as well as become financially secure. Below are some helpful tips for getting started.

• Social Media and Discretionary Spending: Social media is an influence that weighs most heavily on Millennials and Gen Z, and it’s often aimed at getting us to buy promoted products and clothing. Be cautious of the influence and ease that social media creates surrounding spending habits – these influenced purchases may not be in your best interest, nor may they be the best use of your discretionary spending.

• Planning for Retirement: Millennials and Gen Z are in a great position to start saving for retirement because they have time on their side. Even starting small can make a big difference, since these generations have time for investment earnings to compound over several decades. Slowly (but steadily) increasing contributions and taking advantage of any employer match are both great habits to get into to maximize your employer’s retirement plan.

• Saving on a Regular Basis: As Millennials and Gen Z adults begin thinking about next steps, such as paying student loans or purchasing a home, there are a few things to keep in mind:
  • Set small goals to put money aside each paycheck or monthly
  • Setting up automated savings that will take out a set amount from each paycheck and deposit into a separate account; generally, this account would be intended as an emergency fund

For more tips, check out our webinar for Millennials and Gen Z: