WASHINGTON, May 16, 2024
/PRNewswire/ -- Recent data from TransUnion, a credit
reporting agency, indicates that young adults in the United States have more credit card debt
than previous generations. According to the Wall Street
Journal, the average credit card balance for 22-24-year-olds is
$2,834. This amount, when combined
with the typical student loan payment, averaging between
$210 and $314, can result in long-term financial
difficulties.
However, with careful planning and preparation, graduates can
set themselves up for a future of financial freedom and security by
following these three steps:
- Take control of your finances by creating a budget and writing
out a plan. Don't default to charging your credit card for
expenses. Those charges add up quickly, and the average interest
rate on credit cards is nearly 28%, which can be an additional
hefty fee. By tracking your spending and staying within a budget,
you can set yourself up for financial control.
- Start saving now. Thanks to the magic of compound interest, any
small savings you start with at a young age can significantly
impact your retirement planning. Specifically, make an effort to
immediately put 5% of your paycheck away into a retirement
account—particularly if your employer offers a match. The earlier
you start, the more you'll have in the long run.
- Talk to a professional. One of the best ways to learn about
financial security, especially if you're just getting started, is
to talk to a financial security professional (FSP), preferably a
Finseca one. A holistic financial planner can walk you through your
protection, planning, and investment options to ensure you start on
the right foot.
Our mission at Finseca is to ensure FINancial SECurity for All.
For those of you who have just graduated, it's important to
prioritize your financial security. So listen up, grads! Financial
security is within your reach, but you need to take these steps
today to get started.
About Finseca
At Finseca, we know that financial security improves people's lives
and protects their livelihoods and future wellbeing. We are rising
to the challenge of increasing financial security for all. Finseca
represents the men and women of the financial security profession
who dedicate themselves to delivering financial security to their
clients every day.
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SOURCE Finseca