Millenials – Gen Y, in some circles – have negative stereotypes attached to them. They are thought of as lazy, narcissistic, entitled, and weak with their finances.
These are not necessarily valid claims. Many of them are quite productive, have creativity, and are more than willing to work for what they want. In the financial arena, they are faced with a lot of challenges that can seem overwhelming for the unprepared.
Financial planning is an essential for Gen Y if they want a future. Issues are coming up today, along with the aftermath of things that are beyond their control, can cripple their financial independence.
Debt is a huge concern. Independent financial advisors and analysts have found that Gen Y is paying for the pensions of older generations. Their economic footprint is being consumed by the upkeep of those who are already retired, rather than going into their retirement plans.
Because of the situation, Gen Y finds their money options stymied. A financial advisor in Perth can help them work through the options.
Gen Y also has a noted distrust of investments and stocks. They grew up during the worst effects of the recent financial crisis and witnessed those markets fall apart. Stock trading is not high on their list of options and preferences.
Millenials also have what is known as a “subscription culture.” What older generations would pay for in months, Gen Y would find themselves paying for in years. The lower costs now are the main appeal, and they fail to factor in the long-term effects of it.
With our experts in financial planning services, we can help you avoid being trapped by your options. It is challenging, but we can work, so long-term financial challenges do not stifle you.
We factor in your habits, risk tolerance, spending habits, and everything else. With our help, we can hold your hand so you can build a more comfortable future.