There’s no question that Millennials in the U.S. have significant financial power. On the other hand, many of them are distressed by their financial situation.
In fact, a recent report by Bank of America and USA Today showed that more than 40 percent of surveyed U.S. Millennials are “chronically stressed” about money. That’s an alarming statistic. But fortunately there are ways for Millennials – those born between 1980 and 2000 – to gain more control over their personal finances.
Whether they’re into mobile banking (an increasingly popular approach) or prefer the more traditional “brick and mortar” route to conduct their financial business, Millennials have options to relieve their financial stress. Here are some to consider:
- Choose a bank that matches your needs. Millennials are almost always on the go, so a bank that has robust mobile banking is essential. Add to that a reliable mobile banking app that has strong security and a variety of features, such as remote check deposit and bill pay. A search online should help in finding the right bank that syncs with your lifestyle.
- Today’s banks have budgeting tools and related resources that are just a click or two away. And, of course, many banks have financial specialists who can provide assistance by phone or in person.
- Another way to relieve financial stress is to be prepared for the unexpected by establishing a rainy day fund. Financial experts recommend that such a fund should have enough money to cover at least three months of routine expenses, such as mortgage payments and utility bills.
- Know in advance what fees your bank charges before taking advantage of its services. For example, some banks will levy a fee for using their remote check deposit service or foreign ATMs.
- Don’t do any online banking on public Wi-Fi. You run the risk of the network not having adequate security protocols, leaving you exposed to cyber-criminals lurking nearby. For more mobile security tips, visit the BankFive Fraud Prevention page.
- Take advantage of text and e-mail alerts regarding your bank accounts, such as recent transaction activity and low account balance notifications.
- If you use mobile banking, make sure your smart phone or tablet are password-protected. It’s an added layer of protection if your device is lost or stolen.
- Don’t stay automatically logged into your financial accounts, again for security reasons.
- It’s never too early to open a retirement account. The sooner you get started, the more opportunity you have to build up your savings for those “golden years.”
Millennials have enough to stress about in their lives, but personal finances don’t have to add to that burden.