There are countless options for millennials when it comes to accessing information about how best to handle their finances. However, although easily accessible, this information isn’t always relevant to a demographic that is living in a world different from that of their parents. There is a huge gap between the advice financial planners are trained to provide and the advice millennials need; Generation Y should be prompted to seek guidance that pertains specifically to a more youthful population.

A recent article on the Equifax Finance Blog, “Millennials: This Isn’t Your Parents’ Financial Generation,” discusses the importance of seeking out financial advice relevant and applicable to a younger generation.

• Millennials aren’t doing what their parents did. Staying at the same job your entire life and buying a home right out of the gate aren’t things that this generation is doing. Financial planners should be adjusting their advice to match the habits of millennials.
• Millennials are focused on independence. Although 67 percent of twenty-somethings are already saving for retirement, many are less focused on 401(k)s and IRAs and more concerned with creating new sources of income. Gen Y shouldn’t be talked to about retirement, but about independence: creating passive-income streams, living a great life today while saving for the future, and getting into a career they love.
• Millennials need to be taught to put an appropriate financial plan into action. This includes living a smart lifestyle, cutting student loan debt and avoiding carrying a balance on credit cards. Gen Y should be encouraged to start a retirement fund promptly, because the money will add up over time: something millennials definitely have.

If you’re a millennial looking for advice that’s relevant and applicable to your lifestyle, be sure to read the full article on the Equifax Finance Blog for more information on how to live a great life today while saving for the future.