How millennials and Gen Z are planning for their financial futures
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As millennials and members of Generation Z think about their future finances, they are looking to save as well as previous generations, but they face an economic climate that has seen two one-in-a-lifetime downturns.
Erika.com founder Erika Kullberg, a lawyer and personal finance expert
“I’ve observed a strong entrepreneurial spirit and a willingness to explore alternative avenues for financial growth,” Kulberg added. “Many are leveraging technology and digital platforms to start businesses, invest in stocks and cryptocurrencies, and engage in side hustles. The increasing accessibility of financial education resources, both online and offline, has empowered them to make informed decisions about their money and investments. Younger generations have endless financial advice and information at their fingertips.”
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Younger clients are lacking in their knowledge of estate planning. According to research from
“Estate planning is typically one of the last aspects of financial planning people want to discuss,” Den Murley, a partner at
Added to this,
“There are lots of misconceptions about estate planning,” Deane told Financial Planning. “One of the things that we hear is, ‘Hey, I’m young, I’m single, I don’t have any kids, which means I don’t need an estate plan.’ Or ‘I don’t have significant assets or wealth, so I don’t need a trust.'”
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Read more about how different generations are preparing for retirement.
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