SAN RAMON, Calif., November 22, 2018 (Newswire.com) - Millennials, in particular millennial women, are the most overwhelmed by their financial situation, according to a recent MarketWatch article. They are nearly twice as likely to report anxiety about finances than all other generations, 40 percent to just over 20 percent. And women are carrying the bulk of this burden. More than half of women reported feeling overburdened by financial concerns, while only 29 percent of their male peers felt similarly troubled. Fortunately, millennials, especially millennial women, are also proactive about their finances. Financial planners have a number of suggestions for those who are faced with financial hardship: acknowledge, be mindful, budget and prioritize. Financial Education Benefits Center (FEBC) offers a slate of financial planning and assistance benefits to improve asset awareness and encourages members to be proactive with their personal and business finances.
“It is sad that millennials feel so stressed about money, but it is encouraging that they take financial planning so seriously,” said Jennifer Martinez, manager at FEBC. “Everyone runs into money concerns from time to time. We provide clients in need of financial help the tools they need to stay on top of their finances.”
Financial planners suggest that the first step is to acknowledge the issue. Without admitting that bills aren’t being paid or that there is more going out each month than coming in, coming up with solutions can be impossible. Once acknowledged, financial planning is, in its simplest form, a math problem — and every math problem has a solution. After committing to face their true financial circumstances, individuals can become mindful about where their money is going. Planners urge thinking about each purchase made for a week or a month, without judgment, until it becomes a habit. Rather than mindlessly swiping a card for a drink, meal or clothing, individuals can begin to separate wants from needs.
It is sad that millennials feel so stressed about money, but it is encouraging that they take financial planning so seriously.
Building a budget is next on the list. After individuals acknowledge and are mindful about their finances, a budget can be a relatively simple process, especially with all of the templates and online budgeting tools available. Here’s the math part. Expenses need to equal or be less than income. Can any expenses be cut? Can income be increased? When individuals simply can’t pay all their bills, they can prioritize basic food, shelter, transportation to get to work and utilities, if possible. For all of these steps, people are very much in need of assistance to have a clearer picture of just how much money they have, where their money is going and what their highest priorities and needs are.
“The resources we provide assist those who are struggling with financial well-being to get a better grasp of exactly how much money they have and to avoid spending money they don’t have,” said Martinez. “We want to help as many people as possible feel they have improved financial well-being.”
About Financial Education Benefits Center
Financial Education Benefits Center is located in San Ramon, California. The membership company has already helped thousands save money and obtain the necessary education required to live a financially healthy life.
Financial Education Benefits Center has partnered with several name brand third-party companies to expand the financial and educational products and services available to its members and to provide a variety of wellness services as well.
To learn more about Financial Education Benefits Center, please contact:
Financial Education Benefits Center
2010 Crow Canyon Place Ste. 100
San Ramon, CA 94583
Source: Financial Education Benefits Center