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  • [8 Key Challenges] For Millennial Financial Planning

    millennials saving for retirement in Arizona
    People who are born in the early 80s and 90s compose the generation of millennials today. One thing they have in common is their unconventional financial planning habits. The majority of millennials have been anxious about their finances, yet only a few manage to do financial planning wisely.

    Smart financial planning can help reduce these financial anxieties. It can also allow you to get financially secure in the future. If you've been considering to create a financial plan but worry about the challenges, you're not alone.

    Here are eight key challenges that millennials often face in financial planning.

    Financial Illiteracy

    One challenge that prevents millennial financial planning is the lack of proper financial knowledge. Compared to past generations, many millennials don't know the basic financial terms and options.

    One way to create smart financial decisions is to educate yourself. Get information about your retirement savings options, such as 401(k), savings plans, and stocks.

    Suncor Financial offers good advice to millennials saving for retirement in Arizona. We help you create your personalized financial plan, which includes actionable steps to reach your financial goals.

    Can't Figure Out Who To Ask For Help

    When millennials finally decide to get a financial education, the next challenge is finding who to ask for help. Many millennials opt to seek advice from their parents. Our parents can give basic advice, but their answers are usually based on their own experiences in a different circumstance from yours.

    The internet is also not a good source of credible advice. There is a lot of misinformation online and if you don't know any better, you'll end up in a worse situation. It's ideal to get advice from someone who'll recognize your unique needs and circumstance.

    If you're looking for a credible financial advice, engage with a professional financial adviser. Suncor Financial provides reliable financial planning for millennials in Arizona. Your adviser will meet you and tailor an investment plan to accomplish your goals.

    Short Attention Span

    Millennials are known to have short attention spans, probably because of the technology that exposed them to instant gratification. This negative characteristic hinders them to learn more about financial planning. It also makes it hard to convince them to talk with a financial adviser.

    Meeting with a financial adviser is important if you want to have a personalized financial plan. If you have a short attention span, ask your financial adviser to set a shorter meeting. Contact us to schedule a consultation.

    financial plan

    Lack Of Funds

    Many millennials think that financial planning is futile since they have too little money in the first place. Little do they know that not having money isn't important when beginning to plan for your financial future. Even if you lack funds, you still need a financial plan to overcome the tough times.

    When you have limited money, aim for small goals on your financial plan. Begin by setting aside a little money at a time to make an emergency fund. Securing this fund will prevent you from getting broke when unforeseen events happen, like car breakdowns or a visit to the hospital.

    Fear Of Investing

    Arizona millennials and investing are still rare. Today's young adults rather save than invest for the future. A study confirmed that millennials tend to set aside 40% of their portfolio in cash, regardless of what the interests rates are.

    The fear of the stock market may be caused by the trauma of the 2008 financial crisis. The best way to overcome this fear is to educate yourself to stock market investment. If you want to know how to allocate your cash between savings and investment accounts, get your plan from Suncor Financial.

    Desire Personalized Help

    Millennials anxiety towards the stock market sometimes extends into a wariness of other financial institutions. They're cautious about general solutions offered by banks. If you want a personalized solution, seek the help of a financial adviser.

    Suncor Financial lets you meet your financial adviser and complete your investment profile. The adviser will ask your present situation and financial goals to make your personalized financial plan. Your plan will include actionable measures to accomplish your financial goals.

    The work of the Suncor Financial Adviser doesn't end there. The adviser will keep track on your progress and let you know on any significant actions to take. The adviser will also schedule a yearly checkup to ensure that your plan stays updated.

    Too Worked Up In Paying Off Student Loans

    One of the reasons why millennials seem uninterested in financial planning is the existence of too much student debt. Compared to previous generations, millennials have a larger student debt. The increasing costs of education have led many young individuals to get large loans.

    With low-salary jobs, millennials can't help but be pessimistic about taking other financial decisions. Huge student loans may seem like the main restriction to financial planning but they're actually a good reason why you should get a plan.

    A financial plan enables you to determine the best method to pay your student debt. You can also think of using other options to pay your student loan faster.

    Setting And Sticking A Budget

    Budgets are good if you want to manage your finances. Establishing a budget can help you manage your debt and allot money for saving. Without it, you may run the risk of overspending on unessential items.

    With many leisure goals on your mind, it's difficult to stick to a budget, much more to a financial plan. Millennials are easily tempted to spend on travel and the latest gadgets. If you don't know how to budget your income, you can get help from a professional financial adviser.

    Suncor Financial's financial advisers will teach you how to allocate your cash between savings and investment accounts. They also teach you how to enjoy your retirement benefits.Don't wait. Meet our financial adviser and get your personalized financial plan. Schedule a consultation or call 480-748-5825 today!
    Curtis Ray
    May 03, 2018
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