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FRIDAY Five: 5 Financial Mistakes Millennials Make

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This does not constitute advice and advice should be sought in all instances before acting on it.

The millennial generation is often accused of many things: loving avocado toast far too much, destroying various industries, and not knowing what to do with their money. While some of these opinions are simply conjecture, the way the world is changing has influenced financial planning – and millennials don’t necessarily make the wisest decisions when it comes to their finances.

Here are five of the biggest mistakes millennials make when it comes to finances.

  1. Delaying investment – There always seems to be a reason for young people to put off investing, whether it be debt or even simply lack of knowledge as to where to begin. But by delaying investing, they could be losing out on years of compound interest which would make their money go even further.
  2. Not prioritising saving – Many young people have a hard time prioritising their future over instant gratification. While we’re not saying that any time an unexpected windfall comes their way, they need to squirrel away every last penny, but we strongly advise setting aside a portion into savings.
  3. Playing it too safe – Millennials have decades of working before they reach retirement age. That’s a lot of time to explore different investment avenues and also to recover if any don’t pan out exactly the way you hoped. We encourage young investors to take risks while they can.
  4. Letting student debt control them – It should absolutely be a top priority to pay off student loan debt, but it’s important to remember that it shouldn’t be the only financial goal. When it is financially sound, a good savings plan should also include pensions and retirement savings.
  5. Failure to plan – As the saying goes, “Failing to plan is a plan to fail.” This is where we come in! If a young person isn’t quite sure where to start, we can help lay out a solid financial plan that takes into account every aspect of their financial goals, including how to pay off debts while also saving for the future.

Don’t let the millennial in your life make these mistakes. Make sure they’re planning for the future, prioritising saving and investing, and also taking calculated financial risks. If you’re in need of assistance, don’t hesitate to involve financial professionals, like us, today.

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