Millennial Money: 3 financial moves that deserve more credit

Most articles about millennials focus on how they’re messing up — how they’re suffocated by student debt, how they’re spending frivolously, and how they’re behind on major life milestones like buying a home.

But don’t buy into all the gloom and doom. In this Associated Press article, which also appeared in the New York Times and San Francisco Chronicle, The Humphreys Group Financial Planner Hallie Kraus, CFP®, CRPC®, says it’s time millennials got the credit they deserve.

“Millennials were given a front-row seat to the financial crisis,”  Kraus said. “Many of us witnessed our parents struggle to pay the bills after getting laid off or suddenly finding their home underwater. Through these experiences, we were taught a unique set of lessons about money that are actually serving us well.”
Here are just a few ways millennials, a group that today reaches from their mid-20s to nearly 40, are getting it right when it comes to their finances:

  1. They know their worth. A 2018 report from Bank of America found that millennials were far more likely to ask for a raise than those in other generations. And when millennials made the ask, they got paid.
  2. They’re saving for retirement, early. Among millennials who are saving (73 percent), 3 of 4 are putting money away for retirement, according to a 2020 report from Bank of America.
  3. They’re focused on credit. Nearly 40 percent of millennials improved their credit score in the past year, according to Bank of America’s 2020 survey.

Read the full Associated Press article “Millennial Money: 3 financial moves that deserve more credit” here.

Headquartered in New York City, the Associated Press is an independent, not-for-profit news cooperative  dedicated to factual reporting. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. The Associated Press provides content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Founded in 1846, AP today is the most trusted source of independent news and information. On any given day, more than half the world’s population sees news from AP.

Diane Bourdo, CFP®
Diane Bourdo, CFP®

Diane Bourdo is the President of The Humphreys Group. Diane has dedicated her life’s work to helping women make smart financial decisions. For nearly 30 years, she has developed investment management and financial planning strategies that allow her clients to create lives that reflect their values. Diane was named an InvestmentNews 2020 Women to Watch and has been recognized in Forbes, SF Chronicle, NY Times and more for her work and writing.

Diane Bourdo, CFP®
Diane Bourdo, CFP®

Diane Bourdo is the President of The Humphreys Group. Diane has dedicated her life’s work to helping women make smart financial decisions. For nearly 30 years, she has developed investment management and financial planning strategies that allow her clients to create lives that reflect their values. Diane was named an InvestmentNews 2020 Women to Watch and has been recognized in Forbes, SF Chronicle, NY Times and more for her work and writing.

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