Will FOMO Ruin Retirement For Millennials?
I’ll be the first to admit it; I’ve rolled my eyes at some of the things my Millennial children spend their money on. When I see what they bring home, I often wonder how their generation (more than 75 million strong) will navigate their financial future in a world where everything they desire is available with one swipe. Will FOMO (Fear of Missing Out) ruin their retirement in the future?
Millennials are constantly faced with financial detours — the options to spend money are endless and unlike what we boomers and Gen Xers experienced growing up, these options are in their faces constantly due in part to social media.
Positives and Negatives for Millennials and Retirement
So how do I, as a parent, help them when the motto I used to use, “save your $5 latte and you’ll have a million dollars in retirement” is now, “save your $10 avocado toast, or $15 martinis with friends, or $10 quinoa salad, or… (fill in the blank) and maybe you’ll have a million dollars in retirement?” Being in the financial services industry for more than 25 years, I’ve picked up a few insights that could help our Millennial children. Before I get to them, let me run through the positives and negatives for Millennials and retirement.
Read More: Forbes
