Typical Life Stage of Millennials
Age 18 – 24 (Education)
This age group is still in post-secondary school, and the concept of saving may not have solidified yet. However students should still be encouraged to save early.
Age 25 – 29 (Financially independent)
Individuals from this group are mostly out of college or university, and crippled with post-secondary school debt and quite possibly credit card debt. Your main goals may be to pay off your student loans/debt as soon as possible, save enough to purchase a car or condo/home, and be financially independent.
Juggling debt repayment, savings, and making big purchases may seem like a daunting task, but make no mistake this can be manageable if the right balance and options are chosen.
Age 30 – 35 (Owning a Home, Starting a Family)
At this stage, individuals may have a foothold in the labour market and started their career. Other big decisions must be made – Make a down payment on a house? Getting married? Welcoming a new member to the family? Start saving for retirement? These decisions all involve careful financial planning.