Millennials have access to various types of information 24/7 and have shown to be financially savvy. However, access to social media is stunting millennials financial growth by influencing their spending patterns. When millennials are bombarded with clothing, technology, and restaurant ads there might be a tendency to be swayed and increase impulse spending. Seventy-five percent of millennials feel financially confident, compared to Gen Xers. Forty-eight percent of millennials with a 401k contribute 10 percent or more of their paycheck every month. Forty-one percent set aside money each month for savings. The median retirement savings for millennials is $35,000 compared to Gen Xers who have fewer years to save for retirement.
https://www.moneytalksnews.com/social-media-is-stunting-millennials-financial-growth/
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.