The sad truth about millennial financial literacy
Follow up – it’s one of the essential keys to success in life. You’ve heard of it before, but maybe not in a financial context. You know you should follow up after a job interview by sending a thank you card and checking the status of your application. You know you should follow up with the doctor when your sick by taking your medicine as prescribed and going to all of the required appointments.
But why, as millennials, do we fail to follow up with our money and financial life? It’s a growing trend that is harming millennial financial health.
Millennials Are Late On Their Bills
Millennials, as a generation, have a larger delinquency rate on their bills compared to all other ages. According to a recent study by the American Institute of CPAs, more than a quarter of millennials surveyed had missed a bill or been contacted by a creditor due to late payments. At the same time, Experian recently announced that millennials, as an age group, have the lowest credit scores as well.
Why are millennials (or anyone really) late on their bills? It’s a lack of follow up and understanding of financial organization. Many young adults expect everything to just happen. However, too few are following up with mail (yes real physical mail) and then writing checks or setting up online bill pay.continue reading »