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When it comes to managing your finances, there's a lot to know, and it seems as if things are changing every day! We love educating our customers, and that's why we maintain a thorough selection of stories and articles.

Parents Influence Millennial Decision Making

When many people think of millennials, saving money isn't often associated with the age group. In fact, it's almost widely assumed that younger generations take little to no time when it comes to financial planning, but that may soon be proved wrong. A recent study conducted by USA Today shows that the younger generations do take notice of economic trends, and in many cases, have made some efforts to avoid the financial issues that may have affected their parents and older relatives. Some of the findings below may surprise you, but they are good indicators of the emphasis that millennials place on their financial well-being.

The influence of parents is very significant to this age group; in fact, nearly two-thirds of millennials attribute their parents as their main source of financial information. This is contrary to what many people believe, given the assumed nature of millennials to be very independent. However, younger generations look to their older family members for support, and base some of their decisions on the family members' experiences. This is particularly interesting in the case of the 2008 financial crisis. Millennials were firsthand witnesses to their parents making financial decisions in order to save money, and as a result, the study found that they have generally started developing a backup plan in the event of an uncertain financial climate.

Financial education at younger ages is also something that the study found millennials would endorse. Both millennials and their parents were surveyed, and 78% of millennials believe that parents should start having conversations about money management with their children before their teen years. However, only 52% of the parents surveyed actually had begun teaching their children about their financial well-being that early on. Most parents waited until their son or daughter was a teenager before having talks with them about their finances.

Given this relatively new information, it may be best to talk with children at a younger age when it comes to financial education. Younger generations also have more capability now than ever before to spend from home via the internet and mobile apps, so educating those around you on the importance of saving may be critical. This is where PyraMax Bank can be a valuable resource for you. If your family has financial questions, or would like some basic financial talking points to discuss, feel free to contact your local branch for suggestions. Our years of experience can benefit your entire family, and we would gladly assist you with our expertise.

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