Young Adults' Financial Freedom

Apr. 18, 2019 11:40 AM ET14 Comments
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SA For FAs
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Summary

  • The Merrill Lynch Age Wave survey finds that a majority of young adults accept financial assistance from their parents but consider such acceptance “a bad thing”.
  • Brenda Jubin: “The Skeptical Investor” author advises thinking about the downside before committing to an investment.
  • Thought For The Day: There’s a strong connection between financial independence, self-respect and personal sovereignty.

Global Real Estate

"The greatest macroeconomic risk to global housing markets stems from a tightening of financial conditions. Central banks appear determined to lean against the headwinds of a recession. In the long run, they may fail but in the near term, the global housing market still looks unlikely to implode." (Colin Lloyd)

The Skeptical Investor

"Stepek summarizes some of the key findings of behavioral finance and suggests ways of keeping subversive emotions in check, such as thinking about the downside before committing to an investment, making as many decisions as possible in advance and keeping a detailed investment journal." (Brenda Jubin, review of "The Skeptical Investor")

Millennials, Gen Z, And Parental Support

"A full 70% of the early adults in the Merrill Lynch Age Wave survey said they've received financial support from their parents in the past year and 58% said they couldn't afford their current lifestyles without it. The most common types of financial support: cell phone plans; food; school costs and car expenses. Parental financial support of early adults, said Ken Dychtwald, CEO of Age Wave, is 'the new normal.'" (Next Avenue)

Thought For The Day

"Surprising findings from a new survey of Americans age 18 to 34," goes the subhead of a Next Avenue article titled "How Young Adults Feel About Financial Independence From Their Parents."

So I was prepared to be surprised, though I wasn't sure whether that would be pleasantly or unpleasantly surprised. Turned out to be a little of both.

That about two-thirds of young adults characterized support of 25- to 34-year-olds as "a bad thing" is a good thing, because it means they grasp the implications for achieving independence. That there was a divide in opinion on financial responsibility between men and women was an unpleasant surprise, with 72% of women endorsing saving for the future and paying down

This article was written by

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GIL WEINREICH - Author of "The Mentor," a unique parable for financial advisors and those who aspire to become one. I have worked in the FA arena since 1997, and during that time, the New York State Society of CPAs twice awarded its prestigious Excellence in Financial Journalism award to me for a monthly column I wrote on business ethics. Previously, I reported on international news for Voice of America (where I was awarded a newsroom writing award) and prior to that worked as an editorial assistant at U.S. News and World Report. I live with my wife and children amidst the verdant and vibrant hills and dales of Jerusalem.

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