A recent survey conducted by USA Today and Bank of America confirmed what many of you know – the next generation is struggling to “Adult” well. You can read the article HERE at Forbes.com, but people in their 20s and 30s are struggling with things like paying rent (47%), health insurance (41%) or saving for retirement (27%).
Interestingly, this generation equates adulthood with financial independence from parents. There’s something missing with this generation of young people, and they seem to point towards not feeling “life ready” when going to college.
Listen to these stats:
- 40% said high school or college failed to prepare them for the real world
- 43% said they wished the had learned how to invest
- 40% said they wished the had learned how to do taxes
- 26% said they wished they had learned how to manage monthly bills
It’s a sad state of affairs. So what can we do?
- If your kids are still under your roof, find ways to empower them to “practice for the game” of life. You can’t expect them to do something well when they never practice. Let them pay bills (even if a percentage), manage money on a weekly or monthly basis, and tangibly understand the cost of “real life”.
- If your kids are grown and gone, you still probably have nieces, nephews, and grandkids that could benefit from your perspective. Promote books and games and tools that center around financial literacy. Offer opportunities for them to earn money with the conditions they spend, share and save a portion of each dollar. You can be a positive influence even from a distance.
Imagine what happens when this group starts to have their own children. This epidemic concerns me so much that I am getting involved. I want to create resources that help parents and grandparents teach their family better financial wellness. It’s called Small Change (growsmallchange.com) and in the coming months, you’ll hear more about our tips and ideas to make this happen.
If you have any questions or ideas feel free to contact me so we can chat.
Cheers to a balanced life for the next generation,