The Top 4 Financial Things Millennials Do Right
Posted on: August 25, 2016
Did you know that those born between 1977 and 1998—about 83 million people—are making smart choices when it comes to their financial and charitable futures? This is good news considering that the results of the 2015 NMI Healthy Aging Database® study show that one major concern among millennials is having enough money to retire.
Read about the top four financial things millennials are doing right:
- Saving for retirement. A recent study conducted by T. Rowe Price found that 40 percent of millennials increased their 401(k) contributions in 2015, which is nearly double that of boomers. In addition, millennials are sticking to their budgets and not overspending, which helps account for the extra contributions to their 401(k) accounts.
- Minimal debt. Research shows that nearly 66 percent of 18- to 29-year-olds don’t have a single credit card. Fewer credit cards allows them to handle debt in a way that doesn’t overwhelm their financial situation.
- Online savvy. As technology continues to drive our economy and the world at large, millennials are using the internet more than ever before for investment transactions. According to a FICO report, they use email, text messages, websites and mobile apps as their preferred communication channels for most financial institutional interactions.
- Donating to charity. As the millennial generation continues to increase their presence in social media, such as Twitter, Facebook and Instagram, they are being invited to support a myriad of charitable organizations by sharing and/or liking.
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The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results.