![]() ![]() According to Investopedia, the biggest factor that determines credit score is payment history at 35%. ![]() Creditworthiness may also come into play when renting or leasing an apartment. Understanding and maintaining a good credit score is an essential piece of the financial puzzle when considering large purchases that may require a loan, such as a home or vehicle. Identity theft can occur in a variety of different ways such as stealing packages off a porch or hackers gaining access to personal information through Wi-Fi. Identity protection, budgeting, credit score monitoring and debt management are all factors that can lead to healthy money management practices.Īccording to, there is an identity theft case every 22 seconds with people between the ages of 30-39 being the most victimized. To maintain healthy and stable financial foundations, it is important to understand the factors that affect financial well-being. Using these features is a convenient way to manage money, track spending and develop a plan for saving.įor more information on how to build strong financial foundations, visit the Stellar Bank Financial Education Center. Forty percent of Americans prefer to utilize online banking, while 28% of Americans prefer mobile banking. Although half of young adults are taking this essential step, only 23% of teens feel confident in how much they know financially.Īfter opening a checking account, young adults will gain access to mobile and online banking for real-time insight into their spending habits. ![]() According to a recent study from Fidelity, 49% of teens are opening bank accounts. One of the first steps in money management is to open a checking account for everyday access to your finances. There are several different financial points that demand attention when stepping out into the workforce. That is why Stellar Bank created courses to inform teens and young adults on the most important aspects of building a strong and stable financial foundation. Having a solid starting point when entering the workforce is essential to reaching financial success in the future. In celebration of Financial Literacy Month, we’re sharing resources designed to help young adults create a solid foundation for financial success. At Stellar Bank, we believe the right financial tools are essential to building the future you desire. Īs the cost-of-living increases and inflation continues to climb, financial education is more important than ever. However, managing personal finance can be daunting, with more than 50% of those who move out returning home at least once. Teens and young adults are eager to establish independence – nearly 90% have moved out of their parental home by age 27. require a personal finance course to graduate high school and 75% of teens lack confidence in their knowledge of personal finance. According to a 2023 report by, less than 50% of states in the U.S. Preparing for the future can be overwhelming, especially when it comes to spending, saving, and learning how to live on a budget. Financial Literacy Tips to Prepare Young Adults for the Real World.Services, Personal Banking, Online Banking, Personal Checkingįinancial Literacy Tips to Prepare Young Adults for the Real World ![]()
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