Regency’s Next Gen Initiative

September 2, 2022
Regency Investment advisor and shaking hands with a married couple about to discuss financial planning
Authored by Russell Maltes, CFP®, CRPC®, Senior Advisor

Financially Preparing the Generational Youth

As Regency grows and evolves in the financial services industry, we continually strive to add value to our client relationships. Our goal is to build not just long-lasting relationships, but generational ones. With that in mind, we took a long look at the services we offer and found a segment where we can make an immediate and enduring impact: young adults who are new to the investment marketplace. But before we get to the “what,” let’s explore the “why.”

The Impact of Financial Illiteracy

Financial education for young people is sorely lacking. For all the important subjects taught in high school and even college, the basics of financial literacy are not a top priority. As a result, many of us start our adult lives with what our parents and family have taught us about finances. Digital resources can enhance our knowledge but filtering the good information from the bad online has its own challenges. We are left to fend for ourselves in a sort of trial by fire, ultimately learning from our financial mistakes.

According to Forbes Magazine, two-thirds of Americans cannot pass a basic financial literacy test. This lack of financial smarts costs American’s billions of dollars a year in interest, fees, penalties, and missed opportunities.

It has led to some alarming statistics:

  • More than 40% of Americans do not have enough saved to cover an unexpected expense of more than $400.
  • Excluding mortgages, the average American has $38,000 in debt, and 20% of their monthly income goes to debt service.
  • 18% of Americans making $100,000 or more live paycheck to paycheck.
  • 31% of Americans have less than $5,000 in retirement savings, with 21% having saved zero.

There is more. Trillions of dollars are owed in credit card and student loan debt. Many folks have resigned themselves to making minimum payments, with no end in sight. Excluding current students, a troubling number of borrowers are not making their student loan payments in a timely manner.

The cost is difficult to quantify. Interest on any debt drives up the cost of the original purchase. Carrying debt—and, worse, not making payments on time—will impact your ability to buy a home or start a business. On top of this, financial stress can affect you both physically and emotionally.

What is the solution? Two words: education and planning. This is where Regency’s Next Gen initiative comes in.

What is the Next Gen Initiative?

Next Gen is Regency’s commitment not only to ensure that our clients are financially successful, but that those closest to them are successful, as well. Your advisory team is prepared to discuss a variety of financial topics pertinent to young adults and professionals. Our hope is to arm young adults with the education they need to get off to a great start on the path to financial success. In the meantime, we can help them avoid the pitfalls and missed opportunities many of us face much later in life.

Tailored specifically for young adults, Next Gen financial literacy topics include:

  • Financial planning/investing basics
  • Power of compound interest
  • Budgeting
  • Understanding your employer-provided retirement plan
  • Benefits of estate planning
  • Insurance
  • Basics of buying a house
  • Understanding how credit reporting works

Do you have a family member who could benefit from a Next Gen conversation with your Advisor? Connect with our team today to learn more and schedule an initial appointment.

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