Millennials Need Financial Advice Too

John Ponto |

 

 

Millennials get a lot of flak from the baby boomers and Gen X, but the truth of the matter is millennials are some of the most driven individuals when it comes to investing. Most millennials work hard and are looking for financial advice on how to save and get ahead in a seemingly volatile market. So, naturally, millennials need financial advice too, and here is why. 

Financial Literacy

Although many millennials are aware of the RRSP, TFSA and RESP existing, many are not sure of how, when or why to use them. Saving for the future is something that everyone can learn a little about, and no matter if you are looking for some general advice or want someone to work out an investment plan with you, a financial advisor can assist you in saving for your goals and your future with the tools available to you. 

Saving in the gig economy 

The gig economy is growing, and no matter if you are working a side hustle to get some extra money, or working as a freelancer writing articles, you should be looking to save for tomorrow. A skilled professional financial advisor will be able to navigate the ebbs and flows of the gig economy and set you up with an investment plan that works with your lifestyle and ensures that you have money stashed away for your future. 

The erosion of the employer pension

The defined benefit pension is a dinosaur unless you are in the public service, and for many who are working in private industry, a pension from their employer is not always possible. Therefore, discussing your saving options with a financial advisor is an excellent option for millennials who are at the beginning of their career or are just entering the workforce. This conversation can help guide investing patterns, how much to save and of course, how to save if an employer pension is available. 

Millennials, like all generations in the workforce, can utilise financial advisors to strengthen their investments, learn how to save for the future and discover new vehicles in which their money can grow over time. Investing is a process and having an experienced professional guide you through investing can undoubtedly get you ahead of your peers in terms of your financial future.

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2014-2020 Advisor Websites.