While it’s easy to view the future with trepidation, one fact remains: America has one awesome cohort of young adults who are well educated, savvy with technology and ready to storm the nation’s traditional financial citadels. Don’t worry, this generation bears little resemblance to the young Boomers of 40 years ago who staged mass protests.
Despite the cacophony of voices out there decrying the ineptitude of the nation’s young people, this generation has a lot more going for it than it appears at first glance. One of the most telling indicators is that Millennials consider debt something to avoid.
Although some insist that may wreak havoc on one of the traditional financial pillars of the economy — the housing market — it does mean more capital could be available to invest in other financial outlets.
In fact, many Millennials have an optimistic view of the future and are more educated than any previous generation in the U.S.
Unlike Baby Boomers, this younger generation has little memory of the hyper-inflation Americans experienced during the Vietnam War years, so they’re not afraid to invest.
Another positive indicator: Millennials tend to form close relationships with their parents once they reach adulthood. That means they are more likely to tap into the wisdom of previous generations.
All this is good news for tomorrow’s investors, because when families work together across generations, important knowledge in how to manage personal finances leads to successful offspring. Those young adults then go on to generate sufficient capital to achieve a higher quality of life.
This educational third-party article is being provided as a courtesy by Jeran Van Alfen, CFP, President of Empire Wealth Strategies LLC. For additional information or topic(s) discussed, please contact Jeran Van Alfen at 385-212-4247.
Financial Adviser offering investment advisory services through Eagle Strategies LLC. A Registered Investment Adviser.
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