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Millennials rely on social media for financial advice

Both the old and young share a commonality in that everyone is subject to financial challenges. From credit card bills and student loans to an upside down mortgage and costly medical bills, getting derailed financially seems to be an American trend. Interestingly, while people of all ages deal with the same economy, how they cope is quite different. Tennessee readers might enjoy the following blog on Millennials, social media and financial education.

Millennials, a term used to describe those who came of age around the new millennium, are now an increasingly important part of the American economy. And, while this group of young Americans seems to be adjusting well they also have some unique habits. For instance, a survey from the American Institute of CPAs and the Ad Council shows that Millennials are far more likely to seek financial advice from peers and social media than they are from professionals.

While this may not be surprising, relying on peers is not always the best thing. For example, nearly half of the Millennials surveyed said that they rely on credit cards and family to pay for basic necessities, while 70 percent defined stability as paying bills on time. Another 28 percent experienced creditor harassment in the last 12 months, while 24 percent had missed a credit card bill payment or other debt obligation in the same time period. This is obviously not evidence of a good financial educational system.

How we view debt and financial responsibilities is just as important as how we deal with them. If someone is struggling with financial challenges and needs a fresh start it may be time to talk to a professional. Debt relief is just around the corner, but the key is reaching out getting help. While friends and family are good for many things, sometimes an objective opinion and some clear solutions from an experienced debt relief professional can be invaluable.

Source: Time, "Millennials Are Growing Up-But They're Still Making One Huge Mistake," Dan Kadlec, Nov. 1 2013

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