Millennials Face a Tough Road Ahead
From mortgages and parenthood to caring for aging parents, millennials are facing big financial milestones, whether they're ready or not. According to Bank of America's Year-End Millennial Snapshot, which analyzed 2015 data from over 3,500 millennials, this young cohort of 20- and early 30-somethings continues to struggle financially: a tough job market, hesitancy to invest and student loans are just a few of the challenges in their way to prosperity.
Millennials Would Take a Pay Cut
A majority of millennials say improved quality of work life is more important than financial benefits when it comes to evaluating a job offer.
Almost 6 in 10 (58%) of millennials and more than half of Generation Xers take quality of work life over financial benefits, while baby boomers went in a different direction. More than half (52%) responded that financial benefits are more important than non-financial benefits when evaluating jobs.
Millennials and Their Personal Finance Perils
It’s unfortunate college doesn’t come with a financial education. As soon as the ink dries on that degree, newfound financial autonomy, and its burdens, follow. Regular paychecks, student loan repayments and bills, bills, bills all require a smart financial plan and a big-picture approach. Whether you’ve been in the workforce for several years, or are a recent graduate just starting out, embarking on adult life should be treated as an opportunity to create financial freedom and security – both now, and for the future.
5 Surprising Ways Millennials Feel About Their Finances
According to Bankrate's Financial Security Index survey for March, millennials generally feel more comfortable with their finances than other adults.
"Their hesitancy toward debt, tendency to save, and the savings starting from a smaller base -- all help to reveal consistent signs of improvement toward a greater level of financial security," Bankrate's Chief Financial Analyst Greg McBride, CFA, says.
Are Millennials Financially Disadvantaged?
As a generation carrying new personal financial responsibility, it is critically important for Millennials to be on a path leading toward financial security. As a generation carrying new personal financial responsibility, it is critically important for Millennials to be on a path leading toward financial security.
5 Worst Money Blunders Made by Millennials
You've happy-danced your way out of the dorms, walked across the stage at graduation and have maybe even moved into your own apartment, but that doesn't mean class isn't in session anymore. It's time for Money Management 101.
Unless you want your 20-something years to be defined as the decade you drowned in debt, you must be proactive about how you handle your finances.
The Majority of Consumers Have Subprime Credit Scores
The majority, or 56 percent, of consumers have subprime credit scores, according to a report released Thursday by the Corporation for Enterprise Development (CFED), a nonprofit that advocates for policy changes to help low- and moderate-income households. As a result, these consumers are often locked out of the lending markets. And if they are borrowing, chances are they’re missing out on the lowest rates being offered to consumers with stronger credit.
“There are millions of Americans who are being excluded from the financial mainstream,” says Jennifer Brooks, director of state and local policy at CFED and lead author of the report. “They’re relegated to using fringe, often high cost financial products that trap them in a cycle of debt.”
25 Ways to Improve Your Finances in 2016
If you want to put yourself on a path to build wealth throughout the year, then consider these 25 steps, all of which are designed to help you rein in spending and work toward greater financial security. They include both offensive moves, like saving more, as well as defensive ones, like protecting yourself from identity thieves.