Millennials Take Back Control and Seek Financial Advice
By Sam Carroll (Managing Director of Talem Wealth Sydney)
“You are never too young to plan for your future, the earlier one starts the better. I work with clients as young as 22 and have seen a massive growth in the Millennial market proactively seeking financial advice and taking control of their future.”
In the past, the financial focus for many Millennials has been on paying off student loans, saving for a house or paying the rent or mortgage. Progressing their careers, growing their salaries and with very few (or no) assets, financial planning for the future has not been a priority.
Times are changing and at Talem Wealth, we have experienced a huge growth in the number of enquiries from Millennials and have developed tailored Financial Plans that meet the needs of this emerging market. With the official retirement age progressively getting further away, superannuation performance fluctuations, a housing affordability crisis and just the general increases in the costs of living, Millennials are realising that there are other options available that will allow one to retire earlier, live now with less stress and enjoy the security of knowing that they have planned for the future.
While traditionally, people have tended to consider financially planning only in the latter stage of their careers, the financially astute Millennials are seeking advice earlier and are reaping immediate rewards. When planning for one’s future, the sooner one starts, the better the potential outcome and the less sacrifices one has to make later in life. With a solid financial plan, discipline and a commitment to building wealth, our Millennial clients still lead their chosen lifestyles, with the assuredness that their money (and debt) is working harder for them. While they may have very little to start with, they have come to appreciate that financial challenges do not vanish by not addressing them, they just get bigger.
If you are a Millennial seeking advice, or know one who could benefit, we strongly recommend looking for an adviser who is also a Millennial and a good personality fit. It is really important that they cannot only support you, but that they can also connect with you.
Need to speak with a Financial Adviser who specialises in financial plans for Millennials? Get in touch with Talem Wealth and thrive financially.