The average millennial is described as drowning in debt, without much savings and as investing too conservatively. This does not paint a very promising picture for this generation. But a study by Schwab’s indicates that the financial standing of many millennials is not as grim.

For instance, about a third of millennials have a financial plan and a documented financial plan. This is in contrast to the two generations above them, the Gen Xers and Baby Boomers. In these generations, only 20% and 22% respectively have taken a similar step.

Similarly, it has been brought to light that millennials are more likely to have specific financial goals than their older counterparts. They are also more likely to seek the services of investment advisors and regularly rebalance their portfolios.

However, even in the face of these promising trends, this group of people is still dealing with a lot of debt, with 75% of them have some kind of debt or another. About ten percent of these people have debts in excess of $100,000. In fact, due to debt, some of them have had to put off buying a house and getting married.

1. Savings

While the study above showed that millennials do have a saving culture, it was also discovered that many of them are less likely to save for long-term financial goals than their older counterparts. Millennials have no problems saving for a vacation, but saving money for more lasting financial goals remains a challenge for many of them. Therefore, the wise millennial should try to make long-term saving more of a priority for better financial health.

2. Insurance

Young people don’t generally take life insurance seriously, although they should. The reason is that they are young and healthy, and it does not seem to make much sense to insure themselves. However, life insurance is very important. For instance, as a millennial with a family, the insurance can take care of your family’s financial needs in case you leave.

Besides, the longer you wait to get life insurance, the more premiums you will pay, and this can affect other financial plans you might have at the time. Also, choose a great life insurance company. Simple Life Insure has varied life insurance offers for all types of clients.