Finseca: Graduates, prepare for your financial futures today!

WASHINGTON, May 16, 2024 /PRNewswire/ -- Recent data from TransUnion, a credit reporting agency, indicates that young adults in the United States have more credit card debt than previous generations. According to the Wall Street Journal, the average credit card balance for 22-24-year-olds is $2,834. This amount, when combined with the typical student loan payment, averaging between $210 and $314, can result in long-term financial difficulties.

However, with careful planning and preparation, graduates can set themselves up for a future of financial freedom and security by following these three steps: 

1. Take control of your finances by creating a budget and writing out a plan. Don't default to charging your credit card for expenses. Those charges add up quickly, and the average interest rate on credit cards is nearly 28%, which can be an additional hefty fee. By tracking your spending and staying within a budget, you can set yourself up for financial control.
2. Start saving now. Thanks to the magic of compound interest, any small savings you start with at a young age can significantly impact your retirement planning. Specifically, make an effort to immediately put 5% of your paycheck away into a retirement account—particularly if your employer offers a match. The earlier you start, the more you'll have in the long run.
3. Talk to a professional. One of the best ways to learn about financial security, especially if you're just getting started, is to talk to a financial security professional (FSP), preferably a Finseca one. A holistic financial planner can walk you through your protection, planning, and investment options to ensure you start on the right foot.

Our mission at Finseca is to ensure FINancial SECurity for All. For those of you who have just graduated, it's important to prioritize your financial security. So listen up, grads! Financial security is within your reach, but you need to take these steps today to get started.

About Finseca
At Finseca, we know that financial security improves people's lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.

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SOURCE Finseca