Millennials And Money: My Interview With Rachel Fox
Millennials. We hear so much about the millennial generation: they are graduating college with huge amounts of debt; there are not enough jobs for this group now entering the workforce; they are giving up automobiles and taking the bus or riding a bike; millennials are living at home with their parents longer; millennials aren’t interested in finance.
These are things that we hear, but not all of these are necessarily true.
As part of a push to highlight the importance of financial literacy, I recently had the opportunity to interview Rachel Fox, a teen actress, turned financial expert, and founder of ‘Fox on Stocks.’ She wants to raise awareness about a concern of her generation: lack of financial literacy. But Rachel is quick to point out that the lack of financial knowledge of her generation is NOT due to a lack of interest. When asked about why she feels there is a gap when it comes to knowledge about finance within her generation, she explained, “There is not enough information being published where the millennials are looking—on Facebook and social media.”
So, Fox is teaming up with H&R Block (HRB) to help teens learn about personal finance, awarding monetary prizes and scholarships to top students and schools. In my interview with Rachel, she talked about how H&R Block is reaching a younger generation with the H&R Block Budget Challenge, which is a finance simulator.
Millennials want to learn about money and how to properly manage it. Here’s the advice that Rachel had for her generation in regards to getting smarter about money:
“Learn how to establish credit.”
Credit—learn how to establish credit and the importance of your credit score
“Set up auto-alerts”
Pay off debt—set up auto-alerts from credit cards or other accounts that you want to monitor so that you don’t spend too much and get a surprise when the monthly statement comes.