Moolah, dinero, loot, dough or money—no matter what you call it, we all have it and need it. But, a recent study found that money makes "no cents" to Millennials.
Only 24 percent of Millennials are financially literate, meaning that Millennials struggle to understand the basics of personal finance.
- The average Millennial salary is $35,592
- The average Millennial owes $33,000 in student loans
- The average Millennial net worth is $10,400
- The average Millennial has a rainy-day fund to cover 6 months of living expenses
- The average Millennial is not investing but has an interest
Theo Williamson, financial advisor for Edward Jones, says Millennials have the power to change these statistics.
"The difference between [Millennials] and everyone else is that we have the conscious mind of wanting better and knowing better," he says. "We're relentless in pursuit of our goals."
Do you think you have a good understanding of money?
If you would like to understand the why behind the answers or learn more about the basics of personal finance, listen to the interview with Williamson.
Kirsten is a high achieving professional Millennial who is on a mission to empower others through powerful communication. She is also a podcast co-host for The First Cup Podcast.