While no one is immune to financial hardships, new research from financial services firm Edward Jones suggests that perhaps those in the millennial generation are particularly vulnerable. In a survey of financial advisors, 43% of the experts polled said that those in the generation born between the early 80s and the mid 90s were the most susceptible to financial issues. Gen Z came next, followed by Gen X and the baby boomers. Still, there are steps you can take to prepare for potential financial issues — even if you’re old enough to remember watching Spice Girls videos on MTV, but not quite old enough to remember the Challenger Disaster.
No matter when you were born, a financial advisor can help you set up a plan to be ready for any financial hardship that might come your way. Get connected with vetted advisors using SmartAsset’s free financial advisor matching service.
How to Prepare for Financial Hardships
The financial advisors surveyed generally believed that their clients were prepared for potential financial hardships. Nearly 90% believe that most of their clients feel financially resilient, while 32% say all their clients feel financially resilient.
As for what clients have done to achieve that feeling, there are a few actions a large percentage of advisors brought up:
- Life insurance (64%)
- Cash/emergency savings (58%)
- Retirement savings (43%)
“This research confirms what we see working with clients every day – a financial advisor can not only help investors prepare for inevitable ups and downs, but also build their financial knowledge and confidence,” added Jesse Abercrombie, an Edward Jones financial advisor.
The Bottom Line
Despite the relatively volatile economic client, advisors in a new survey from Edward Jones finds that most of their clients are ready to weather potential financial hardships. That said, members of the millennial generation are the most likely to be hit with such a situation, according to the surveyed advisors.
Financial Planning Tips
- A financial advisor can help you prepare for many potential hiccups that might come your way. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Want to see what your potential investments could look like down the road? Get a sense of how much you could have in earnings using SmartAsset’s free investment calculator.
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