With recent data suggesting that more than forty percent of millennials are “chronically stressed” about money, ABA today issued a press release with tips to help millennials use tools they already access to secure a strong financial footing.
“Millennials are digital natives who understand the importance of staying connected socially, but staying connected with their bank can help their finances as they encounter life’s many milestones,” said ABA President and CEO Rob Nichols. “From enhanced mobile resources to free budgeting tools, banks offer a variety of products to complement millennials’ unique lifestyles and ease their worries as they prepare to make some of life’s biggest financial decisions.”
ABA recommended that millennials shop around for a bank that fits their style and needs, and take advantage of tools and technologies like automatic payroll deductions, account alerts, mobile banking and personal finance tools to better manage money and build their savings. The association also encouraged millennials to ask their banker to help them get a head start for major life events by establishing credit or starting a retirement account, and to stay connected with their bank through social media.