Grandparents of Young Adults:
More Influential Than You Think
Did you know that you are one of the top influencers in your young adult grandchildren’s life? A TIAA-CREF performed a survey which found the following:
Grandparent, you are more influential than you think. Help your grandchild to prepare themselves for a financially successful adult life, avoiding unnecessary hardships. Here is how you can do so:
More Influential Than You Think
Did you know that you are one of the top influencers in your young adult grandchildren’s life? A TIAA-CREF performed a survey which found the following:
- 85% of more than 1,000 young adults said they are open to discussing finances with their grandparents.
- 8% of 1,000 grandparents of young adults said they talked about finances with their young adult grandchildren.
- 73% of adult grandchildren said that grandparents have an impact on their saving and spending habits
Grandparent, you are more influential than you think. Help your grandchild to prepare themselves for a financially successful adult life, avoiding unnecessary hardships. Here is how you can do so:
- Cash is not always necessary! If times are tight, this is when talking about it is most important to share your experience with them. Engage your grandchild in a conversation on how you got to your current situation. Share what to do and share what you have learned.
- Plant a seed. Share with your grandchild about how you earned spending money as a teenager and how you afforded things that you really wanted. If grandchildren seem interested, transition into the discussion about goal setting such as saving for college, saving for a car, saving to buy a home, saving for a vacation, saving to open a business or saving to have a family. Encourage them to create vision boards, then creating a simple plan on how they plan to reach their goals. Plant the seed.
- Go shopping! Counter intuitive? Maybe. Share with them about comparison pricing. Maybe something that they want is on sale, but is it really? Those youngsters are great on their mobile devices! Have them check the price of the item at another store, including online stores. Have them calculate how much is saved and how that amount could be used alternatively. Furthermore, help them figure out if what they want to purchase is something they really want to spend their money on compared to saving for something else.
- Be an Example. As the old adage goes, “Actions speak louder than words”. If it is appropriate, take your grandchild to perform your financial business. If that’s not feasible, then take a trip down memory lane. You have the ability to impart wisdom of the positive actions you took. Talk about what you did with your first job. If you invested in your employer's 401k or 403b, tell them how you it helped you. Share the good AND the bad. Your unique stories can help them avoid financial hardships for years to come.