Are you packing for your first year at college? Just settling in at your new residence post-graduation? Everyone could use some help managing his or her money, and Charles Schwab is here to help.
Charles Schwab MoneyWise has been sharing weekly tips to help individuals of all ages get a grip on their finances. Furthermore, each Monday Charles Schwab posts a question about managing your own money. The most creative and original response, limited to 100 words, wins $100. That’s $1 per word!
As a result of the 2010 Families & Money Survey, Charles Schwab found that “41% of so-called ‘sandwich generation’ parents [are] continuing to provide at least some financial support to their young adult children [23-28].” With Generation Y taking over the workforce, we need to become more aware of our spending habits and the true value of a dollar.
Our generation has grown up during a time when society has emphasized the importance of being happy and pursuing dreams. As a result, students and job seekers are settling for lower wages as a professional in an industry they are passionate about.
“Parents cite college debt (32%) and unemployment (31%) as top reasons their children are relying on them more. However, they also believe that some contributing financial pressures fall squarely within the kids’ control. Parents also cite overspending (25%) and consumer debt (19%) as reasons for their kids’ delayed independence.”
The majority of parents felt that their children needed help sticking to their budgets and over a third expressed a need to educate them on wise investment decisions. MoneyWise aims to provide an overview of various tools and tips to aid in all aspects of saving and investing money. Additionally, the Associated Press produced the following video as a result of various interviews with entry-level workers and their advice on investing in a shaky economy.