You may have heard the expression that young people often disregard saving early because their retirement is decades away. Don’t be dismayed; there is a new trend that shows that more youth are interested in retirement and estate planning. Here are few studies that may have you thinking differently.
As we all know, it is true that the earlier someone saves the more money they will earn at retirement. However, younger generations often struggle with this investment plan because their salaries are often at the lowest point they’ll see in their adult lives.
Financial Planning Event Yields Unexpected Questions
In October 2013, The San Francisco Chronicle reported that UC Hastings College of the Law hosted a free financial planning event, and the focus of attendee interest was a bit surprising. More people were considering estate planning instead of looking for information on how to survive economic turmoil. What’s more surprising is that young adults are making more long-term financial plans than recent generations.
Young Adults Ask Parental Advice, But Don’t Always Take It
It’s natural for many young adults to have little financial planning knowledge or experience at an early age. U.S. News and World Report’s Richard Satran says that while parents explain the fundamentals of financial planning to their kids, the kids usually take that advice as only one factor in how they will approach the future.
The Good News: Young Adults Really Are Saving
With all the mixed feelings about financial planning, the upside is that more young adults are planning for their future. They might not be as financially savvy as their parents but the trends shows that more people are thinking about retirement and doing something about it.
What are your long-term financial goals? Leave us a comment below or on Facebook (click here)!