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Best Financial Advice to Grandkids

The best thing you can do to ensure the financial security of your grandkids isn’t to give them money or wealth, though that would be helpful to them. Sound advice based on the latest research and your experience is what the younger generations need more of, and they aren’t likely to get that advice from their schools or accept it from their parents.

The population following the Baby Boomers is in bad financial shape, according to research by Pew Charitable Trusts. The first half of the Baby Boom generation looks to be the last group to retire with enough income and assets to maintain their lifestyles. The following generations so far have less savings and lost a higher percentage of their net worth in the crash following the financial crisis.

A key problem for those following the Boomers is that they are accumulating debt at a faster rate than their predecessors. Not long ago it was hard to believe that any generation could accumulate more debt than the early Boomers, but the younger generations are doing so, according to Pew. College loans are a key component of that debt, but not the only factor. The younger generations also have credit cards available to them at earlier ages and are users of them and other extended payment plans that weren’t available to the earlier generations.

More importantly, younger generations aren’t saving nearly enough money for the future. They lag behind previous generations in accumulating savings in their early years. That’s doubly bad, because the post-Baby Boom generations likely will need to save money at a greater rate than previous generations.

Source Investing Daily

 

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