Type in any combination of “Millennial”, “money”, “habits”, “jobs”, into Google and you will easily find reams of results telling you how Millennial’s ruined the world (the now famous “Me Me Me Generation”), and how we don't save money or make any good financial decisions. News of this lambasting of a generation isn't new. It’s well documented and well debated by writers more talented than I.
However, I’d just like to throw out a few figures from a 2014 poll by Bank of America. 58% of Millennials are saving money each month, and 1 in 2 pay their credit cards in full each month. In addition, 53% say they feel they are good at reducing their debt. Clearly, many millennials are money conscious and are not just ‘taking it all for granted’.
Reading these stats made me curious, and I wanted to root around and try to find some good advice out there for us ‘ruiners’, instead of articles about how we aren't 'doing it right' just because we happened to be born in the 80's. I wanted to find places that offered some actual positive information and constructive advice on how to financially manage the big events in life.
The following are the four key areas for me that I need more financial advice on, so I have taken to the internet in order to find good websites and sage wisdom.
According to a report by Bank Of America in 2016, 43% of young American’s wished they’d been taught how to invest when at school, with 26% saying they wished they’d been taught how to manage monthly bills. Making savings is hard, especially in an economy where salaries are not rising in line with cost of living. There are a number of great website that teach you how to make savings. The two I've listed here are my go-to sites. The Simple Dollar has some great articles on how to saveif you're on an irregular income (which I happen to be!) and the Money Saving Expert is the guru for just about anything.
Obviously the number one concern for almost all young people is; getting a job. According to a report by Forbes in December 2016, the American millennial unemployment rate stand at 12.8%, compared to the national average of 4.9%. There are many varied and complex reasons for this, the least not being that there are a lot of qualified people chasing a finite number of positions. Nearly half (49%) of the millennials polled by Bank of America indicated that they were concerned they would not end up in a career they liked. The following two sites offer great information on how to prepare for interviews, and how to strengthen your skills in order to help obtain a career you will really feel invested in.
Not for everyone, granted, but weddings are a huge milestone for many people. The average cost of a wedding in the UK now though is £25,000, according to MMT . As far as I’m concerned, that’s just totally unobtainable. How is anyone supposed to afford that on an 18k a year salary? The wedding business is slowly changing thoguh, as more and more Millennials find ways and means to get married on an affordable budget. The following sites give great advice on how to budget for a wedding, and how to make savings on parts of the day that are less key than others, in order not to bankrupt yourself when planning for the big day!
This is something that not all my friends agree with me on. I think it’s important to try to save now in order to be bale to survive in the future, but I have plenty of friends who think it’s too far away to worry about and that things will be unrecognisable by then. A report by HSBC says that “Millennials are seen as having the worst retirement prospects of any generation”.
Personally, I think this means a little research, and little taking personal control of our future.
These websites offer constructive and prevalent advice on how to save, budget, and improve our financial situations.
Saving money can be difficult, and at times feel overwhelming, but sound advice from seasoned experts can make things a little simpler and clearer.