As busy as they are building careers, starting families and carving out a niche in the world, the importance of financial planning early in adulthood apparently isn’t lost on the 20- and 30-somethings who comprise Generation Y. Indeed, 39% of Millennials admitted in a 2014 survey by Fidelity Investments that they worry about their financial future at least once a week.
“People [in the Millennial generation] know they should be doing something [about their finances], they just need direction,” explains certified financial planner Sophia Bera, 30, founder of Minnesota-based Gen Y Planning, referring to the massive generation of roughly 70 to 80 million people born between the late 1970s and mid-1990s. “They’re paralyzed by the paradox of choice — how much they should be saving and investing, what type of life insurance they should have, those kinds of things. There are so many options out there, it’s difficult to know where to begin.”