According to a recent poll by Charles Schwab, members of Generation Z and millennials are more prone to put off financial planning. The poll indicated that although 42% of baby boomers have begun saving for retirement, 62% of Gen Z and 57% of millennials have not.
Many members of Generation Z and millennials are putting off financial planning for various reasons. One explanation is that they are struggling to make ends meet in the face of mounting expenses like those for higher education and housing. The difficulty of financial planning might also be a contributing factor.
Millennials and members of Generation Z are more inclined than previous generations to go to social media for financial guidance, according to the report. Due to the untrustworthiness of the material found on social media, this might be a dangerous move.
Financial planning should be a priority for members of Generation Z and the Millennial generation. Financial counselors and internet calculators are only two of the many tools accessible to them.
Many members of Generation Z and millennials are struggling financially due to factors including mounting student loan payments and soaring home prices.
- The average student loan debt for Gen Z is $35,000.
- The median home price in the United States is $428,700.
Gen Z and millennials may find it difficult to save for retirement as a result of these financial difficulties.
The Complexity of Financial Planning
Financial planning is a hard topic, and it’s possible that Gen Z and millennials are putting it off because of this.
- Investing may be done in a variety of ways.
- The tax system is convoluted.
- Numerous options for retirement savings are readily accessible.
All of this complexity can make it difficult for Gen Z and millennials to know where to start.
When compared to earlier generations, Gen Z and millennials are more prone to go to social media for financial guidance.
- Financial information seen on social networking platforms should not be trusted.
- A professional financial adviser is the best source for sound financial guidance.
When it comes to money, Gen Z and millennials should be wary of what they read on the internet. A professional financial counselor is the only person they should consult for financial assistance.