Millennial women are stressed about money. A new survey of more than 2,000 people, from NerdWallet performed by Harris Poll, found that young millennial women are more likely to say they are stressed about their finances than women 55 and older (46 percent vs. 19 percent).
Sometimes there’s nothing like a heart-to-heart talk between women. What advice do female financial planners have for squashing financial stress?
“Millennial women may stress because of the unknown and the uncertainty of their financial futures, and they feel ill-equipped,” says Michelle McKinnon, a senior wealth adviser for Payne Capital Management in Manhattan.
- Be honest with yourself
“Once you figure out what’s important to you, align your spending and saving habits with your values. Saving a small amount every month adds up, and will help you feel accomplished and more in control,” says Katherine McGinn, an Ameriprise financial adviser in Rye Brook, New York.
- Remember: knowledge is power
Read money-focused sections of the newspaper, listen to a financial podcast. Find out what your employer provides. “You could be leaving free money on the table! See if your employer offers a 401(k) plan and if they contribute/match. There could be a chance that if you put in 1 percent, 2 percent, 3 percent . . . of your salary that they would MATCH your contribution — free money. Even if they don’t match, the 401(k) provides an easy way to save. Contributing $25 is a great place to start,” says McKinnon.
- Alleviate fears
An emergency fund of 3 to 6 months of expenses will give you a cushion and comfort. Define your goals and create a road map for getting there. Says Michelle Begina, a senior partner and managing director at Snowden Lane Partners in Manhattan, “Planning your life and reaching financial milestones provides a sense of inner peace.”