Money makes “no cents” to Millennials
Moolah, dinero, loot, dough or money – no matter what you call it we all have it and need it. But, a recent study found that money makes “no cents” to Millennials.
Only 24% of Millennials are financially literate, meaning that Millennials struggle to understand the basics of personal finance.
The average Millennial annual salary is $35, 592
The average Millennial owes $33,000 in student loans
The average Millennial net worth is $10,400
The average Millennial has a rainy-day fund to cover 6 months of living expenses
The average Millennial are not investing but has an interest
Sources: Pew Research Center, United States Census Bureau & Forbes
Theo Williamson, financial advisor for Edward Jones, says Millennials have the power to change this statistic.
“The difference between [Millennials] and everyone else is that we have the conscious mind of wanting better and knowing better,” he says. “We're relentless in pursuit of our goals.”
Do you think you have a good understanding of money? Take this 8-question quiz to put your skills to the test. And try not to look ahead at the answers!
If you would like to understand the why behind the answers or learn more about the basics of personal finance, listen to the interview with Williamson here.
Kirsten is a high achieving professional Millennial who is on a mission to empowering others through powerful communication. She is also a podcast co-host for The First Cup Podcast.
