Millennials Prioritize Financial Independence and Stability, According to CFP Board Study
Are you a millennial who is striving for financial independence and stability? According to a recent study by the CFP Board, nearly half of millennials believe they are doing better financially than their parents were at the same age. This is a significant milestone for a generation that entered the workforce during the 2008 financial crisis.
The study found that financial independence is the top priority for Americans aged 25 to 44, with other goals including traveling, having a long, healthy retirement, achieving career fulfillment, and developing lasting relationships with family and friends. Despite facing challenges such as expenses, lack of savings, and significant debt, millennials are making smart financial decisions to reach their goals.
To achieve financial security, millennials are prioritizing the creation of a savings account or emergency fund, being financially self-sustaining, holding minimal debt, owning a home, and funding a retirement account. They are also taking steps to earn extra money, reduce spending, develop a budget, and save for future expenses.
While millennials are cutting back on expenses such as eating out, attending events, and buying clothes, they are still finding ways to treat themselves. By working with a CERTIFIED FINANCIAL PLANNER™ professional, millennials can create a financial plan that sets achievable milestones and empowers them to reach their bigger life goals.
If you are a millennial looking to achieve your financial goals, consider working with a CFP® professional. Visit LetsMakeAPlan.org to find a professional who can help you on your journey to financial independence and stability. Remember, it’s never too early to start planning for your financial future.