In this day and age, millennials are taking over the world by storm. They are the majority of the working force, and soon enough, they will be the ones taking over businesses and companies. However, it remains quite the mystery whether they are weak or strong financial stewards. Will they save or sabotage the economy? And lastly, how do you help them get out of debt?
Who are the Millennials?
Before answering that question, it’s important to understand the Millennials. Who exactly are they?
- Born 1981-1997, ages (32-18), they are also known as the Generation Y.
- They’ve connected to brands their whole lives, which means that this generation considers trust and their emotional link to a product when they make financial decisions.
- This being said, they value paying for “experiences” rather than allotting money for their retirement or home ownership.
- Despite these facts, they consider themselves financially literate, hence proving that they manage their money differently from their predecessors such as the Silent Generation (those born in 1923-1944) or the Baby Boomers (1945-1964).
- A huge percentage of Millennials live paycheck to paycheck, albeit claiming be to good at savings.
Why do we need to understand their role in society?
They currently face a tough financial situation because Millennial students and college graduates are accumulating gigantic student loans—which range from 4 to 6 digit amounts, depending on their age and credit card usage. At the same time, they are also faced with higher living expenses, and when they hit 18-24 years of age, they’re already going to be burdened by repaying these student loans, building more credit, and starting a family. There’s never a dull moment in a Millennials’ life!
Are they prone to falling further into debt?
The answer is yes and no. The Millennials are a very complex generation who are optimistic and well-educated when it comes to their finances, and even so, they are yet to give more value to long-term saving. While it’s a fact that they worry about money, only a few percentage of them have saved for emergencies and retirement.
How to solve this?
Believe it or not, it’s possible to still curb the Millennials’ bad money habits. Whether you’re a concerned (or frustrated) parent, family or friend, you’ve got to use specific strategies to get through to this specific generation.
- Exploit their use of social media. 88% of Millennials are active on Facebook alone, so if you want to teach him or her something, maybe a simple share of a post can make them understand whatever financial idea or concept you have in mind.
- Use personal experiences to make a point. Millennials love hearing stories. They love to sympathize with people, and if they hear your life story about how you triumphed through a financial difficulty in your life, they would no doubt consider your strategies or better yet—learn from your mistakes.
- Apply apps. It’s all about speaking their language, and Millennials have always been the tech-savvy generation. It only makes sense if you can search for specific apps that can help encourage them save money or keep track of their finances.
- Trust them. Millennials have a mind and pace of their own. If they seem like they’re finding it hard to get a job or if they prefer freelancing or an untraditional means of earning money, don’t be quick to judge and be too hard on them.
No matter how unique the Millennials are, one thing’s for sure: they need all the help they can get—and that includes offering them debt relief options to ease their financial burdens. Whether you’re a Millennial or not, it’s a must to take control of your debt situation as soon as possible, and there’s no better way to wipe out your debt but through debt settlement!
Thanks to dependable and trustworthy debt settlement companies like Financial Rescue LLC, debt relief is but a phone call away. Visit our website at www.financialrescuellc.com for more info, and like our Facebook page at facebook.com/FinResLLC. Call 1-877-973-3287 for your first free consultation now!