Call for a free bankruptcy consultation

Louisville |


New Albany |

Schwartz Bankruptcy Law Center

Millennials Not Seeking Financial Guidance

The age old adage that Mom knows best may not be necessarily true when it comes to financial advice. A recent poll revealed that more young adults seek financial counsel from Dad over Mom. However, it was also determined that 64% of those polled say they don't turn to either parent for financial advice.

The Test of Time

A study from the National Foundation of Credit Counseling 2014 Financial Literacy Survey found that baby boomers (those 55-64) have a more solid financial profile and are more associated with successful money management than other age ranges. 82% of baby boomers pay all of their bills on time, 52% have zero credit card debt, and 72% have a savings more than they set aside for retirement. With such a solid money management style the shift of Mellennials away from the baby boomer generation could be a costly mistake.

Educating The Young

As with any life lessons only experience and education can shape the next generation. Part of the mission of credit counseling agencies and other financial institutions is to provide that education for consumers to keep them with a solid money profile. Too often young adults are exiting college saddled with student loan debt burdens beyond their reach of repayment and further in credit card debt than thought possible. It is important that parents continue to guide and education their children about finance, no matter the age. Millennials should seek guidance from those that have lived through the tough times and are on solid financial footing, and not let valuable opportunities for a lesson fall away.

Read more:

No Comments

Leave a comment
Comment Information
Make A Payment Email Us For a Response

Need A Solution To Your Debt Problems?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Make A Payment
Schwartz Bankruptcy Law Center

Office Locations:

Louisville Office
3339 Taylorsville Road
Louisville, KY 40205

Phone: 502-785-8549
Phone: 502-485-9200
Fax: 502-485-9220
Louisville Law Office Map

New Albany Office
501 State Street
New Albany, Indiana 47150

Phone: 502-785-8549
Phone: 812-945-9200
Fax: 502-485-9220
Map & Directions