Millennials and financial worries are like peas and carrots

There aren’t enough memes and tweets out there of millennials clapping back at baby boomers for how different their generations have had things from a financial perspective.

“kids these days have it too easy” said the generation that could buy a house on a wage from unskilled work at age 21 — @sophxthompson

#HowToConfuseAMillennial Crash their economy and then condescendingly ask why so many of them are living with their parents. — @Notintheface1

You get the picture. So perhaps it’s not surprising that a survey found that most millennials often worry about their financial situation.

How often do millennials worry about their finances?

Nearly3-in-4 millennials said they worry about their finances at least a few times a month, according to a Credello financial resolutions 2021 survey, and more than half said they worry about their finances almost daily.

More than one-third of respondents said they are concerned about out-of-control debt, lacking retirement savings, expensive health care costs, and/or the volatility of the economy and stock market.

If the debt is one of your biggest concerns, the best place to start is with a debt repayment plan. List out all your debts and use a loan payoff calculator to help you determine if you can pay off your loans more quickly and potentially save yourself money on interest in the long run.

What are their biggest financial goals?

Over a quarter of millennials said their biggest financial goal for 2021 is becoming debt-free.

Other major goals included investing and growing wealth (14%), improving credit score (14%), buying a home (13%), and creating an emergency fund (12%).

Setting your goals and intentions for the new year is a common practice, but it’s important to make sure those goals are attainable, or SMART, as they’ve come to be known in many workplaces. SMART is an acronym created as a goal-setting guide that is commonly attributed to the work of management consultant Peter Drucker. SMART goals are Specific, Measurable, Achievable, Relevant, and Time-bound.

So, if becoming debt-free is your goal, you need to ask yourself some questions. What’s the total amount of debt you’re in? Can you pay off that debt in a 12-month span?

If not, perhaps the goal needs to be modified. A loan payoff calculator can help you see how long it will take you to pay off your debts while breaking down how much interest you’ll pay overtime and showing you how much you could save along the way.