Millennial Planning Challenges and OpportunitiesJun 20, 2022
Millennials have unique challenges that Boomers and Gen X have not had to face. These challenges include financial, legal, and family problems including estate planning issues probably unthought of by Boomers and the generations before them. The checklist includes:
- Having forgone college, or having massive student loan debt if they did go
- A shrunken share of the economy compared to previous generations
- Sharply declining marriage/permanent partner rates
- Much greater importance of digital assets over physical possessions
- The dichotomy of higher rates of either needing to move for career reasons, or working remotely hundreds or thousands of miles from the office
These situations are not only challenges for Millennials but are also opportunities to turn the world in their favor, including in the areas of estate and financial planning. Yes, the situation often looks bad compared to previous generations, but Millennials are also largely unfettered by conventional wisdom and societal pressure to do things a certain way that they have seen clearly does not work for them. More than previous generations, they'll focus on what works, regardless of what older generations say worked "in their time."
Over the next few months, I will be focusing on topics that may have been covered elsewhere in great detail with previous generations, but now I will review them specifically for the benefit of Millennials. While the overall rules for estate planning and investing remain the same, just how Millennials can ignore conventional wisdom and turn those rules to their advantage is still emerging.
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