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: http://www.benefitspro.com/2014/05/06/millennials-not-turning-to-parents-for-financial-a
