By Marcia Shetler
In 1992, William Strauss and Neil Howe wrote the book Generations: The History of America’s Future. They believe that while each generation is shaped by its particular place in history, they also have characteristics that cycle over the years. The Baby Boomer Generation, born from approximately 1943 – 1960*, changed the rules about many aspects of North American culture, and continue to do so as they enter retirement. Like the Boomers, Millennials—born approximately 1982-2004*—are doing the same, including financial planning.
(*Strauss and Howe’s generational definitions)
Millennials are writing new rules about housing, jobs, and relationships, based on their experiences as digital natives and growing up during the economic downturn. Many are already saddled with more debt from educational and student loans than what would have taken their elders decades to accumulate. They value experiences over things, which affects how they live out their vocations. They treasure close relationships, yet have friends all over the world. They seek to build integrated lives of personal satisfaction and sufficiency.
Is there a place for financial planning in the world of a Millennial? There should be. Having an understanding of both the short-term and long-term aspects of financial planning may be more important for this generation than any other. Along with the need to understand the day-to-day aspects of financial management, Millennials may one day oversee the inheritances they receive from their parents and grandparents. Many financial planners are making new rules about financial planning to serve the Millennial generation well. For example, financial planner Joe Pitzl—a Millennial himself—uses social media, invites his clients to see him as a coach, and encourages looking at a variety of opportunities for building a monetary nest egg.
This month, the COMPASS Initiative focuses on financial planning:
- Get great insights every week on this blog and on our Twitter feed and Facebook page.
- Join us for a Live Chat with Jacqueline Painter, financial planner with Everence, on Tuesday, October 10, 1:00 p.m. Eastern time, Noon Central time, 11:00 a.m. Mountain time, and 10:00 a.m. Pacific time.
I recently read a great quote from a Millennial about giving: “Do not just ask young adults to have the courage to part with their money. Encourage them to join it on its journey.” Good financial planning allows you to join your money on its journey and helps you live the integrated life of satisfaction, sufficiency, and generosity to which you aspire. I hope the information shared this month will help you demystify financial planning!
About the Author
Marcia Shetler is Executive Director/CEO of the Ecumenical Stewardship Center. She holds an MA in philanthropy and development from St. Mary’s University of Minnesota, a BS in business administration from Indiana Wesleyan University, and a Bible certificate from Eastern Mennonite University. She formerly served as administrative staff in two middle judicatories of the Church of the Brethren, and as director of communications and public relations for Bethany Theological Seminary in Richmond, Indiana, an administrative faculty position. Marcia’s vocational, spiritual, and family experiences have shaped her vision and passion for faithful stewardship ministry that recognizes and celebrates the diversity of Christ’s church and the common call to all disciples to the sacred practice of stewardship. She enjoys connecting, inspiring, and equipping Christian steward leaders to transform church communities.
This blog is a component of the Ecumenical Stewardship Center’s COMPASS Initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.
Photo credits: pixabay.com