BBB Offers Advice for Financially Struggling Millennials

  
     
April 08, 2014

During Financial Literacy Month, BBB encourages taking charge of finances                                                         

DENVER – April is Financial Literacy Month, and the Better Business Bureau of Denver/Boulder encourages everyone to stay knowledgeable when it comes to their finances. Financial literacy is especially important for the millennial generation, which struggles financially according to a recent study.

“Those who are more financially literate are less vulnerable to fraud and predatory practices,” said Su Hawk, president and CEO for the BBB of Denver/Boulder. “Being smart spenders, savers and investors is essential for financial well-being.”

A new study conducted by the Financial Industry Regulatory Authority, a BBB partner, shows that millennials exhibit low levels of financial literacy, are more concerned about debt and engage in more problematic financial behaviors compared to previous generations.

The study found that only 24 percent of millennials answered four or five questions correctly on a five-question financial literacy quiz, and only 18 percent of younger millennials answered four or five of the questions correctly.

The BBB offers the following tips for millennials and all generations to improve their financial well-being:

  • Get up-to-date education. Look into your local bank or credit union’s free classes on financial education such as budgeting, saving and credit.
  • Consider hiring a professional. If you have a lot of debt to manage such as student loans, credit card debt and a home mortgage, or if you don’t know where to begin when it comes to saving for retirement, hire a BBB Accredited financial advisor. Find BBB Accredited businesses at findacompany.org.
  • Use free BBB resources. Visit BBB websites for tools, information and guides for consumers and small businesses on protecting and managing money and credit: BBB Smart Investing / Managing Credit Made Simpler.

 

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About the BBB

The BBB is an unbiased nonprofit organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB Accreditation contractually agree and adhere to the organization’s high standards of ethical business behavior. The BBB provides objective advice, BBB Business Reviews, BBB Charity Reports and educational information on topics affecting marketplace trust. To further promote trust, your BBB also offers dispute resolution services for consumers and businesses. The first BBB was founded in 1912. Today, there are 112 local, independent BBBs across the U. S. and Canada. Please visit denver.bbb.org for more information.