Millennials Financial Milestone Survey
CFP® Certificants in the News
Let’s face it, millennials get a bad rap at times in the popular press over their financial discipline. But couldn’t most of us do better at this discipline? Is everything we read on the internet true and unbiased? After reading this article, we encourage you to consider that, just like many Americans, most millennials simply need better advice.
Context
Millennials represent “the largest share of the workforce, a position they will hold for many years to come,” according to the CFP Board. The reasons cited for this conclusion include:
- “Higher levels of education compared to prior generations,
- Ample opportunities in a tight labor market, and
- Flexible work arrangements like remote work.”
Despite these advantages, it will come as no surprise that millennials, like many other generations, face remarkable and to some degree, singular challenges.
Challenges
All of us face stubbornly high inflation, but millennials also face other strong financial headwinds, as illustrated below.
The Bottom Line
Despite these headwinds, the CFP Board surprisingly notes the following.
- “Nearly 3 in 5 millennials have a positive personal financial outlook.
- Most millennials are optimistic about achieving life aspirations, reaching financial milestones, and building retirement savings.
- Nearly half of millennials say they are doing better financially than their parents at the same age.”
Here’s the bottom line, once again based on the CFP Board survey.
- “Attaining financial independence is millennials’ top life goal (46%) and top financial goal (58%).
- The top obstacles to achieving millennials’ financial milestones include:
o Excessive expenses
o Lack of savings
o Too much debt”
Here’s the author’s bottom line — Millennials need financial planning guidance at least as much as the rest of us.
Financial advisors and planners need a sound understanding of the competitive edge of joining the ranks of highly-trusted financial professional. Get that sound understanding through our CFP® Curriculum when you consider CFP® certification. You’ll discover a select few of the reasons our student pass rates are much higher than the national averages.
