The millennial generation has grown up in an era dominated by rapid changes in the economy. In recent decades, the responsibility of saving and investing has been largely delegated to individuals, as opposed to previous generations where this was mainly the role of governments and employers. Improved standards of living have also translated to increased life expectancies among millennials. The implication of this is that young people today have to make sound financial decisions to achieve financial security in retirement.
Our financial advisors will ensure that you have a solid understanding of the basic concepts of financial literacy:
- Risk protection
- Time value of money
- Checking and savings accounts
- Credit cards and credit scores
- College, auto, and home loans
When making financial decisions that can have a significant impact on your life, it is very important to be financially literate. For example, not understanding the compounding principle of interest rates can put you at a great disadvantage by taking high-interest loans and running up bigger debts. This would also affect your credit score, ultimately risking your financial security.
As a millennial, being prepared for financial emergencies is vital in your journey towards ultimate financial security. Our financial advisors will provide you with expert advice to ensure that you are meeting legal requirements in holding the right insurance for auto and home, as well as ensure that you are protecting your wages, health, and life through the right combination of insurance products.
Planning for retirement is very important, perhaps now more than ever. In fact, some countries have already mandated the reduction in state-supported pensions. This means individuals must now save to achieve their financial security once they retire.
As a millennial, planning for your retirement—and making sure that you are consistently putting away funds to take care of yourself once you stop working—can prove to be complicated. Our financial advisors are an invaluable resource in helping you to create a retirement plan that allows you to choose how you want to live.
Legacy planning covers everything from you choosing how and where you want to live the last years of your life to how you want to be remembered and pay it forward to the next generation. This step focuses on you taking control and designing your legacy to empower the next generation.
Get started on your journey to financial security today with our one-of-a-kind Find an Advisor tool!