22 Sep

Hey, Millennials: Whom Do You Trust for Financial Advice?

A recent survey of millennials — individuals born between 1980 and 1989 — found that 39% of respondents worry about their financial future at least once a week.

That sounds like a group in need of some counsel, but a significant number 23% trust “no one” for financial advice.*

The survey notes the top three financial issues for millennials (also called Gen Y): retirement saving, reducing credit card debt and paying off student loans. On a positive note, 47% of respondents are saving for retirement with a 401(k) at work or an individual retirement account (IRA).* However, that leaves more than half of Gen Y who haven’t started a retirement savings program.

The Importance of a Sounding Board

In its survey of millennials, TIAA-CREF found those who seek financial advice are more likely than the general population to make positive changes, such as:**

  • Monitoring and making changes to spending more frequently.
  • Establishing a plan to manage debt.
  • Starting an emergency fund.
  • Increasing monthly savings.

The value of financial advice is clear. Many millennials turn to their parents as well as friends and social media. However, a financial institution’s professionally developed online tools and resources, as well as consultations with a financial advisor, may be more appropriate. In spite of being technologically engaged, TIAA-CREF’s study reports most respondents — 55% — prefer face-to-face financial counseling.

We’re Here for You

The world of finances can be complex, but you don’t need to face it on your own. A financial professional at Navigator Credit Union can provide the help you need to create your savings and spending plan and explore options for retirement saving. Visit www.navigatorcu.org or call 800-344-3281 today.

* Source: Fidelity Investments Millennial Money Study, conducted in April 2014 by GfK Public Affairs and Corporate Communication, Fidelity.com.
** Source: TIAA-CREF Gen Y Advice Matters Survey, press release, Sept. 30, 2014, www.tiaa-cref.org.
01 May

Go to the Library!

If you’re looking to get out of the rain this spring, step into your local library. The library has many things to keep you busy on a stormy day, or anytime! And it doesn’t cost a thing.

Get lost in a book. Libraries are full of books to transport you to other places. And most libraries also have cozy places to sit and read. Ask a librarian to help you find a book that’s just right for you.

Flip through a magazine. Looking for a quicker read? Your library also has a variety of magazines to choose from. Sports Illustrated Kids, National Geographic Kids and Zoobooks are just a few.

Check out music and movies. Your library has a selection of CDs and DVDs for you to borrow. Rent an old favorite, or try out something new.

Use a computer. Play games, search the Web or email friends and family.

See what else is available. Your library may offer fun or helpful activities. Talk to a librarian about events like book clubs or story time. Your library may even offer help with homework.

To borrow items from the library, you’ll need a library card. It’s free! Renting materials from the library also shows your parents that you are responsible. You have to keep the items safe and remember to return them on time. Another way to show you are responsible? Depositing your money into your Navvi-Gator Super Saver’s Club account.