Millennial Money Study with Fidelity
This week is Millennial Money Week on my podcast, Martinis and Your Money, and I’m kicking it off with Kelly Lannan, a Director of the Women and Young Investors Group from Fidelity. Fidelity recently released a new study about Millennials and money, and Kelly joined me in person at the Financial Gym to talk about the surprising and not so surprising results of this study.
What are we drinking?
Kelly — sugar-free red bull
Shannon — sugar-free red bull
- Kelly specifically works with the college age group–18-22 year olds.
- Shannon and Kelly agree college students are not thinking about student loans while in school but then focus only on paying down their debts once they graduate.
- Fidelity’s perspective is “debt and savings have to go hand-in-hand.”
- Make sure you have an emergency fund first.
- Fidelity recently issued a millennial money study that found 47% of millennials have let their parents pay for certain items at some point.
- Kelly admits she is still on her parents’ cell phone plan.
- Other ways millennials receive help from their parents can be found on this infographic.
- Shannon thinks financial help from parents is a good thing at some points, but you need to be weaned off eventually.
- Fidelity provides action steps to help those still on the “financial family plans.”
- Fidelity encourages millennials to talk to someone for financial advice.
- They created a site https://www.fidelity.com/mymoney/overview to help millennials with these steps.
- Over 60% of millennials say their parents are their financial role models.
- However, millennials are hesitant to discuss finances with their parents.
- Shannon and Kelly agree that money talk is still taboo.
- Fidelity created an app as a learning resource for millennials and others that aims to make learning about money as simple as possible.
- TAKEAWAY: There are numerous resources to help you get informed about money. Whatever resources appeals to you, find it and get started learning!
Random Three Questions
- What is your favorite TV show to binge watch?
- Are you an appetizer person or a dessert person?
- If you won a million dollars, what would you do with it?
Connect with Kelly/Fidelity: