Personally, this is encouraging news. Millennials are highly interested in handling their personal finances in a more responsible way. This should include saving and investing, as investing is the way to grow their finances.
Handling their personal finances will lead to greater independence 40 years from now when it comes to retirement. Since Social Security is structured in such a way that greater and greater people have to pay into the system in order to support the existing retirees, it’s placing quite a burden. The government can pay retirees their nominal benefit by printing money, but this dominoes into higher prices, which ends up leading to a lower REAL benefit after accounting for inflation.
If the Millennial generation can save for themselves, they can reduce the burden on their children paying into the system.
After watching their parents’ finances crushed during the recession and their own financial outlook darken in the days following it, Millennials want financial literacy taught in classrooms.Well, not only is it being taught there, but Millennials are perhaps the most financially literate generation since the World War II generation that survived the Great Depression
Read Full Story: Millennials Lead the Way Toward Financial Literacy – TheStreet