Millennials. We hear so much about the millennial generation: they are graduating college with huge amounts of debt; there are not enough jobs for this group of people who are now entering the workforce; they are giving up automobiles and taking the bus or riding a bike; millennials are living at home with their parents longer; millennials aren’t interested in finance.
These are things that we hear, but not all of these are necessarily true.
As part of a push to highlight the importance of financial literacy, I recently had the opportunity to interview Rachel Fox, a teen actress, turned financial expert, and founder of ‘Fox on Stocks.’ She wants to raise awareness about a concern of her generation: lack of financial literacy. But Rachel is quick to point out that the lack of financial knowledge of her generation is NOT due to a lack of interest. When asked about why she feels there is a gap when it comes to knowledge about finance within her generation, she explained, “There is not enough information being published where the millennials are looking—on Facebook and social media.”
So, Fox is teaming up with H&R Block to help teens learn about personal finance, awarding monetary prizes and scholarships to top students and schools. In my interview with Rachel, she talked about how H&R Block is reaching a younger generation with the H&R Block Budget Challenge, which is a finance simulator.
Millennials want to learn about money and how to properly manage it. Here’s the advice that Rachel had for her generation in regards to getting smarter about money:
“Learn how to establish credit.”
Credit—learn how to establish credit and the importance of your credit score
“Set up auto-alerts”
Pay off debt—set up auto-alerts from credit cards or other accounts that you want to monitor so that you don’t spend too much and get a surprise when the monthly statement comes.
“Live within your means”
Fox stresses the importance of saving more money now in order to pay your future self and paying off any debt that you have.
“Learn how to grow your money”
Investing. So important for retirement planning, and even growing savings.
To listen to the entire interview that I had with Rachel, click here.
Bio: Rachel Fox is a teen actress turned financial expert, and founder of ‘Fox on Stocks.’ You may remember her from her role as Kayla Scavo on Desperate Housewives, but she has also had roles on other hit shows, such as That’s So Raven, Hannah Montana, and the Series Finale of Alias. She wants to raise awareness about a concern of her generation: lack of financial literacy. Rachel has become a go-to on the topic of financial literacy and money for teens – she was named one of TIME Magazine’s “25 Most Influential Teens”, a Seventeen magazine “Power Teen” for 2016 and has even done a Ted Talk and is the go-to source for financial management tips for teens.