Webinar: Why we all view money differently 

Learn how generations view money differently along with some helpful tips for yourself – and maybe your children or parents!

Tags: Savings, Goals, Investing
Published: May 05, 2021

In this webinar, you’ll discover some helpful tips for yourself along with information on how generations view money differently.


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Good afternoon, and welcome to today's webinar, why we all view money differently. My name is Courtney Mahar, and I'll be moderating today's session, compliments of U.S. Bank. Before we get started, I'll go over a few housekeeping items. All participants have been placed on listen only mode to prevent any background noise.

Today's webinar features PowerPoint and polls. We will not host a live question and answer session. Please book your appointment with a banker at usbank.com/book if you have additional questions following today's presentation. Please share your feedback with us directly using the post-session survey. This Webex conference will be recorded. If you object to this recording, you must disconnect from the conference line at this time. The recording will be posted to usbank.com/financialiq in the next week. I'm turning on the recording now.

Financial knowledge is important at every age and stage of life. The pandemic has shined a bright light on financial inequality, exposing the financial vulnerability of most Americans. This April, Financial Literacy Month takes on new meaning, as millions of Americans struggle financially in the wake of the pandemic. We care about our customers' financial well-being, and are here to help in any way we can.

We'll start with a poll today. Please use the radio buttons on the right side of your Webex screen to answer, to which generation do you belong? While we tally the results, I'll turn it over to today's presenters. Take it away, Jill.

Thanks, Courtney. Good morning, everybody. My name is Jill Ross. I'm one of the goal coaches here in the Las Vegas market. My background started in the military, spent several years in the Navy before I moved into the business side of health care, and eventually project management. And like my fellow coaching colleagues, I am here to help clients connect their passion and their motivation to that why, and help them build plans to achieve their goals. I'm going to turn over to Nicole now.

I'm Nicole Freeman. I'm also a goal coach with U.S. Bank. I am originally from New Orleans, Louisiana, but I've lived in Las Vegas for the past year. I obtained my bachelor's in psychology from the University of New Orleans, and my masters from the Chicago School of Professional Psychology. My previous studies gave me the opportunity to work with individuals with behavioral issues in many different forms. And during that time, I worked on treatment behavior plans and helping to turn negative behaviors into positive ones for success. And in goal coaching, I get to do the same thing, and help people to change maybe their financial habits or their life habits in order to help them better succeed in life.

Hello, and thank you for joining us today. I am Jay Salas, Director of the Denver Office of Financial Empowerment and Protection with the City and County of Denver. Not only do I work for the residents of Denver as a city employee, I also am a serial entrepreneur and have a family foundation. Thank you for having me today.

Thanks, Jay, and thank you to our panelists for the nice introductions. Our poll results are in. Today, we predominantly have Gen X and Millennials on the call.

[LAUGHS] Why are we looking at generational differences? We're looking through a lens and not a label. Clearly, my generation, I need help with the tech. I don't know.

But people are complicated, right? And the last thing we want to do is overgeneralize and say that everybody that's born within a certain time frame is the same. So learning about these generational differences gives us context to better understand the experiences of people older and younger than ourselves, and it can give insight into our own beliefs and behaviors. Next slide please, Courtney.

So let's start with the Silent Generation. This generation is called the Silent Generation because they're not known for major protests and social upheaval. Their childhood was shaped by The Great Depression and World War 2. And for many people in this generation, they grew up seeing hardship and suffering, and they lived with the threat of nuclear war.

These early experiences, it led to some patterns among this generation as well. So one of those characteristics is a cautious respect for the rules. It's really a defining trait for them.

This generation, the Silent Generation, is also considered very traditional. They're considered very loyal, very hard-working, having a strong willpower. And when it comes to money, the Silent Generation is notoriously frugal.

I've actually heard it said that if the Silent Generation had a catchphrase, it would be "Waste not, want not." And growing up with parents that belong to the Silent Generation, I think that's pretty accurate. I even went so far as to ask my dad. He said, yeah, that sounds pretty spot-on.

One example in my household of this "waste not, want not" philosophy that I experienced revolved around yogurt, oddly enough. Five people in my house. So mom, dad, three kids. All of us liked a different flavor yogurt.

Because my parents were people who could afford these little individual yogurt cups, we all got the flavors we liked. However, we did have to follow the "waste not, want not" rule by turning yogurt cups then into drinking glasses and leftover containers. My parents saw no reason whatsoever to spend money on drinking glasses and Tupperware when we had perfectly good yogurt cups available.

My friends thought it was a little weird, because their parents were a little less frugal. But my siblings and I had a great time making a game out of it. We used to call it "What Will I Get Today?" I mean, you just never knew. It could be yogurt, could be pot roast. Who knew?

And like people from the Silent Generation, my parents gave me the usual "hard work and saving" advice. And their big-money tip takeaway was always pay yourself first, [INAUDIBLE]. Give yourself 10% of your paycheck.

Pay yourself before you pay anything else. And that's some of the same we've all received, because that was this generation's approach. So saving small amounts of money that add up over time.

Baby Boomers, born between 1946 and 1964. After World War 2, there was a Baby Boom, hence the name "Baby Boomers." They became the largest generation in American history, until recently being surpassed by the Millennials.

This generation saw and created tremendous change in American culture, society, and identity. They challenged age-old systems, beliefs, and norms of the previous generations. They spoke out on injustice and embraced words such as "equality" and "love."

They marched, protested, and demanded change, to the point of dismantling social and political systems. Though many of them were met with resistance, they charged forward with their ideology and passion for equality. Many movements, such as the Chicano Movement, Feminism, Civil Rights Movement, the Poor People's Campaign, American Indian Movement, Black Panthers, anti-war protests, and environmentalists, to name a few, were very vocal and made their cause known.

These socially conscious groups had their own focus and purpose, but united under the flag of equality for all. While there was social change, political change, and a new consciousness for many Americans, many institutional racist practices still remained. Practices such as redlining was implicitly prohibited by the passage of the Fair Housing Act of 1968.

This act may have put an end to legally sanctioned redlining policies, but racially restrictive covenants and redlining practices were and are still very difficult to stamp out, and may have-- and many have continued in recent years. Though much progress was made by this generation, the battle cry of "equality" still carries weight. Foreshadowing to future generations, "equality" will change to the battle cry of "equity."

Moving on to key facts about this generation, Baby Boomers currently own 40-- currently earn 40% of income in America, as many of them are at the high end of their earning spectrum. Many of them are choosing to work past the traditional retirement age of 65. Baby Boomers are living longer, and many have underfunded retirement accounts. This also has an effect on many of their children, as they now have to help care for them financially, emotionally, and physically. This puts an added responsibility on their children.

One challenge this generation faces, perhaps a byproduct of their independence, is a reluctance to openly talk about money. Only 9% of Boomers are having frequent conversations about their finances to those that are close to them. This can be contrary to the new movement of financial coaching and counseling and other types of financial resources, where the focus of money is the conversation. Nicole, I know your parents are Boomers. Would you mind sharing some information and personal experience about your parents?

Of course. They are Boomers, and they are definitely thinking about that question of retirement. My mom is about three years out from retirement, and she's starting to question whether she's actually ready. And I mean that from the sense of, did I save enough along the way? Did I put enough to the side in order to maintain the lifestyle that I would like?

As she begins to think about only having that one source of income, both of-- they're very independent, and they don't want to get advice from their kids. And they're a bit stubborn. So in thinking about this, there's that feeling of nervousness. When I was growing up, my parents made sure that their kids always were conscious of saving. But we didn't really talk about money much more than that.

So Gen X. The name comes from-- and I'm a Gen X'er, so I'm going to say "our." The name comes from our refusal to be defined.

So we were born between the two larger generations, the Boomers and the Millennials, and we're sometimes thought of as kind of that forgotten middle child. And there are some defining characteristics. We're very independent. Right? We're sometimes even called the "Latchkey Generation," because we lived in dual-income households, which meant we came home to an empty house after school. And that ultimately fostered that really independent mindset.

We're very flexible. We lived through some of the most drastic changes and developments in history. So our critical thinking skills, combined with that independence, led to a lot of changes in our lives, in our culture, even in our workplace or environment.

We're also very self-reliant. We grew up in a time where we didn't necessarily have the brightest outlook on our future, but we were very driven to make our own way in the world. Now, there is a negative stereotype to Gen X. We're considered cynical or apathetic.

I prefer to be positive, glass half full, and call us critical thinkers who don't believe everything we're told. So for example, when my husband tells me llamas are not good house pets and that I can't have one, I can't bring Glenn home, do I believe it? No, no. I use my critical thinking and my research skills to figure that out for myself.

Anyway, so-- sorry, I need a llama. So currently, I have a client, though, that's a Gen X'er. And though he's been with the program for almost a year and is doing very well in achieving his goals, he still is skeptical when I introduce new ideas or new concepts for him. He keeps waiting for that other shoe to drop, so to speak, and for me to surprise him with cost or obligation, no matter how many times I say goal-coaching is an obligation-free, cost-free service that he's been in for almost a year.

Also as Gen X'ers, we're considered the "sandwich generation." So this is where we're caring for our children, and in some cases, grandchildren, but also our aging parents at the same time. Some people are managing this by having multi-generation households, which cuts down on expenses by keeping everybody under the same roof. But we do kind of get stuck in that area.

So a bit of advice for Gen X, whether you're in that sandwich position or not, is to keep investing in your future. That means you've got to set aside consistently through your retirement, and also investing in your professional skills, because careers are longer than ever. And that's not a bad thing, necessarily.

So money-saving tips we can learn from Gen X. When someone gives you advice, like llamas aren't good house pets, take it with a healthy dose of skepticism. Right? Ask, who's telling me this? What's in it for them?

So for example, when someone asks me why U.S. Bank offers goal coaching for free, especially when they find out that people like Nicole and I aren't allowed to recommend or sell products, they're really asking, what's in it for you? What's in it for the bank?

Because that's the way they think. That's the way Gen X'ers think. So simply put, for us, we say, when you do well, we do well. You'll be loyal to the bank if we make you financially, professionally, personally successful.

That is awesome. Yeah, again, go back to that Gen X, that is moving. We were determined to move our way forward. Nicole, you get to talk to us about Millennials.

Ah, as we bring it on to the greatest generation to ever hit the world, because I'm a part of it, we bring up Millennials. The fallout from The Great Recession continues to have an impact on the economic future of Millennials today. We worry about not being able to meet those financial goals that we want to set for ourselves, such as purchasing a home, or my biggest goal, paying off that student loan debt and saving for retirement.

And Millennials are more likely to emphasize an investment philosophy that enriches both themselves and the world around them. We have more debt than other generations. They are primarily student and credit card debt. But the good news for Millennials is that we're putting more of our money into savings and investments than any other generation around us.

Paying off that student loan debt, however, as I said, has been increasingly difficult for many of those who are struggling with unemployment and low-paying jobs. Those Millennials who are all about going to college and getting that degree, and they're finding out afterwards that they're not getting that pay that they thought they were going to. You know? The Great Recession left more than 15% of Millennials in their early 20s are out of work, many of whom are still struggling to get their feet back on the ground.

And this will hurt them in the long run, even after they do get that work. Economic studies of those who were unemployed during the recession in the early 1980s revealed that they were still behind schedule financially 20 years later. My brother is also a part of this generation, and he can definitely vouch for that, that he's still trying to get his feet on the ground and establish and complete those goals that he set for himself.

And our credit, it's not as established as we would like it to be. It's one of the reasons Millennials are less likely to go through a bank for help. We're resourceful. We find other ways to meet our needs.

We're entrepreneurs. We want to go out there and do it on our own. Not because we're stubborn, but we want that independence. You know? We don't just not want to ask for help, but we want to do things our-- on our own and figure things out.

Our parents are getting older, you know? The people that we rely on are getting older, and they're not going to always be around. So we're trying to guide ourselves and give ourselves that education that we need to make sure we're in a position of being in control of our own finances and our own direction. Jo, I think you wanted to add something here?

I did, yeah. Nicole, I actually wanted to ask you, because we've talked about this before-- so why do you think then that Millennials are shying away from the banks? Do you think that based on what you're saying, the independence things, that banks just don't take them seriously?

Definitely. Sometimes I've seen this with people in my own peer group, that people make assumptions about us, that we don't really have what we say we have or we don't know the things that we need to know, and so we're not ready just yet to make those big decisions. And so we're not taken seriously by the bank, you know? There's those stereotypes out there in the media and social media about Millennials, that we may not be serious or ready to take our finances serious at this time.

So a follow-up question to that, because now that makes me think about your independence. The independence that you've talked about, do you really think that's a driving factor in the, "you can do it yourself"? And do you think there's any hindrance in that?

I don't think it's hindrance. I think that a lot of us are finding our own solutions and figuring things out on the internet, like you guys mentioned earlier, of Google being our friend. A lot of business owners are in the younger generations, Millennials and Gen Z, of course, which we'll hear about later.

With social media, people can advertise. They're getting followers. So they're building out their businesses without having to go through conventional marketing or sales processes, or having to go to the banks for that loan.

Because they're starting out with what they have and then building upon that. The only generation that's more entrepreneurial than the Millennials, I will have to say, would be Gen Z. Jay, can you tell us more about this?

Generation Z, born 1997 through 2012. Gen Z is a very interesting generation for me to discuss. Not because I am a Gen Z'er. Though I may look young. It is the generation my two children belong to.

Many from Gen Z are born entrepreneurs and create new ways of doing business. They're also the most diverse generation yet. Gen Z, like the Baby Boomers, are very socially conscious and have taken up the charge that many Baby Boomers took on in changing the political and social constructs of this country.

Baby Boomers spoke of equality. Many Gen Z's speak of equity, and have, in many ways, been passed the baton to bring change. Gen Z has a new tool with social media to get their point across, educate, and influence the world.

It feels as another era is dawning of social justice and change, especially in the midst of COVID-19, a lot of inequities have had the spotlight on them through the pandemic and recent events. Financially, the whole concept of money feels different to this generation than their parents and grandparents. Money is digital, social, and connected to their relationships. Apps, games, and money movement look and feel different from the traditional banking system.

They oftentimes work the gig economy, side hustles, and utilize technology such as Facebook, Etsy, and even TikTok to market and sell goods, services, and entertainment. As I said, I have two college students that are always teaching me new things. They have introduced me to things like Bitcoin, Venmo, TikTok, and other technologies that has drastically shaped their world.

They are very open to talk about money and their feelings about money. This is very different from Boomers, who didn't talk about money. My son is a student athlete. Between school and practice, he doesn't have time for a traditional job.

He instead makes money online utilizing technology. Everything from making money off of gaming, to him starting an online shoe business, to online personal training and meal plans for athletes. My daughter is also equally as entrepreneurial-minded.

She has a huge following with her makeup tutorials on social media. She also utilizes for large following and can get companies to sponsor her tutorials. The term "influencer" is an everyday vocabulary term for this generation.

One tip I do have for this generation is save for retirement. A lot of Gen Z'ers talk about cash flow, but need to think about investing, savings, and wealth generation. You can even invest for social impact and sustainable investing. Nicole, I know you can share with us some experiences with technologies, as we've had lengthy conversations before. So if you could share those with us, we'd love to hear them.

Yeah, definitely. So TikTok you brought up. I love being on TikTok watching this new generation come up, and actually being influencers, seeing things that they're doing that actually make me question, should I buy these things? Should I be doing this?

So they're definitely influencing the world, even with investing. Seeing them talk about it online and seeing how devoted they are to it and educating themselves makes me want to make sure that I'm up on-- it's hard to say that, because I'm so young, but be sure that I'm up on times as well, so that I can be right along with them and making sure that I'm influencing some people too.

So let's talk about the conversations now between generations. Again, people are complicated. And again, the last thing we want to do is overgeneralize by saying everyone born within a certain time frame is the same. So having these conversations between generations does give us better context to understand the differences in experience, and again, insights into our own beliefs and behaviors.

So when we think about having conversations with our parents, it really-- it talks about what kind of life do they want to have. When I meet with goal clients, for example, I always start by asking them, what is it that you want out of life, and why? This is a great place to start as well with your parents in the stage of life that they're at, and thinking about what's ahead for them.

So if they're still working, when do they want to retire? If they're retired and they're active, what are their plans when they're not able to be as active? It's also important to understand where your parents want to live and where they want to be.

So if they're-- my parents live independently right now. But they have to start thinking about what's going to happen when that's not feasible anymore. So we have to have those conversations.

Do you ask your parents would they prefer to be in a senior community with friends and neighbors their own age? Are they hoping to live in that intergenerational family situation? It's really important to get everybody on the same page as quick as possible.

Conversation is great to have with your parents. It is important to have conversations about physical, mental, spiritual, and financial help. Depending on which generation your parents are from, it may be a bit uncomfortable for them to have these conversations.

Conversation on aging in-place, health issues, and even death are very difficult to have, but very necessary, as they are all part of our reality. These tough conversations have both short-term and long-term implications on both your parents and you. Many of us may become caretakers for our parents, both physically, spiritually, emotionally, and financially.

Sorry, I was on mute. It can be awkward for members of older generations to talk about money, and they might brush you off with an "I'm fine." It helps to ask specific questions and to stay on point without being overly-emotional. And I know that can be a little bit hard, especially when we're dealing with our parents or our children.

My parents are part of that Silent Generation, so I find that with them, I have to be unemotional, specific, prepared, and almost professional when we're having conversations about their aging plans and money. The more they can separate me as their child from me as a grown-up who understands what I'm asking about, the easier it is for them to open up. I have become the Nicole the Banker, rather than Nicole the Daughter for the duration of the conversation.

Another thing that's really important to talk to your parents about scams and elder fraud. It's really alarming how sophisticated these scammers are and how they target seniors. My dad is 75, and still a pretty sharp tool. But recently I had to talk him out of what was most likely a scam.

He was going to buy something from Amazon, and the seller sent paperwork asking for personal information like his birth date, passport number, and some other financial information before sending his item. They even called him on the phone to try to get his personal information from him. I'm glad that he called me when he got suspicious, but I'm surprised he even considered filling out the form.

So that's a huge concern for our office. They target seniors and pull on their heartstrings. They take advantage of caring people who are willing to give, and it is devastating to see this happen to really good people. Every week we get a whole list of new scams that have come up in our office. So yeah, very much a part of what's going on today, especially during the times of COVID.

Yeah. This is where the Gen X skepticism comes in handy. If you would like to learn more, we have a webinar coming up on June 15 that's all about fighting fraud. OK. Teaching kids to save.

I'm a big fan of allowances. Teach them budgeting by giving or having them earn money. Making decisions whether they want to buy this versus that, or looking for their parents to buy it, choosing between spending now or setting aside for something bigger, and digging a little deeper into what they really want to spend their money on. If it's my money, I'm going to think about what I truly need, versus if my parents are buying it, I want it all.

Be open with your kids about what's going on financially. Let them know that it's how mom and dad manage their budget. Have them involved in family decisions and know what's going on.

One way to teach teens about money is a checking account with a debit card, so they can see the money coming in and going out. Especially if they're using it for online shopping or moving money between them and their friends, you have to have that amount of money to pick up an item. Even my little brother with a piggy bank. Teach them the value of the money they have and make them excited to save.

Credit is a big discussion. My parents told me it was important, but we never had a discussion about how to actually build that credit and how to actually keep it in good standing. I'm dealing with that now. And being in debt with credit cards, going into the bank, you need to have that credit score and get credit, and pay it off.

And having that debt constantly building up, and not really understanding it because you've never actually had that conversation is hard. So when you're raising your kids, just remember that. Have those conversations so that they know in the future, this is what I can do in order to fix these problems. Or even better, they're proactive and you don't have to deal with that at all.

Beyond generations. There's way more to our differences than generation and age. As we discussed earlier in the presentation, each generation group had different social experiences, differences in economy, technology changes, and political viewpoints that affect their perspective on money and life in general. As many of you know, you may view money differently than your parents' or grandparents' generation. It is important to understand these differences, what experiences may lead to these differences, and how we view money and how we meet people where they are in talking about money.

When providing financial coaching or just having conversations about money, my coaches meet people where they are, and then discuss the healthy financial behaviors they can implement. These healthy behaviors can be helpful and applicable, regardless of your financial views. We also work to understand why people make purchases, save, et cetera.

We help create or reinforce their financial goals, and help develop a plan to realize those goals. We implement behavioral economics and motivational interviewing to have good, healthy conversations around money. Financial behavior is a mixture of nature and nurture. Just like some people naturally have athletic ability, some people are naturally better at financial decision-making.

Just like sports, some athletes need more coaching, training, et cetera. It is the same with financial behaviors. Some people need financial literacy, training, and financial coaching to help them with creating and reinforcing those behaviors.

For example, with financial coaches, oftentimes when I give speeches or coaches give speeches, we'll ask the room, how many of you have a budget? And we see the majority of hands will go up. And then we ask, how many of you reconcile monthly to that budget? And not many hands go up.

So one of the-- the point about this is just making sure you create a budget. That is good. It's very helpful. You have to have a plan.

But also, review that budget every month, reconcile the budget, and manage to that budget. Those are super-important tips. Because if not, then the budget is just a budget in vain.

So nature and genetics. Brain chemistry. Some people are naturally just better at financial decision-making. They call them "born savers," right?

They do exist. You've probably even met one. But if you-- also, if you felt like you are born to spend, that is absolutely a thing, too.

The good news here is you're not doomed to that fate. And the genetics actually only influenced about 30%. And even spenders can become savers. We all know that.

So when you decide to spend money, there's some really interesting stuff going on in your brain. Right? When people are actively deciding to purchase something they want, the brain responds with those happy emotions. Those happy emotions are activated.

We all know, of course, dopamine, the neurotransmitter responsible for the feelings of pleasure in the portion of the brain involved in reward and addiction. It's actually released in anticipating a purchase that we want to make, like the new car. A llama house pet. Literally, anything from Sephora.

Sadly, unfortunately, the afterglow from that new purchase is very brief. Studies show us that the brain actually releases more dopamine in anticipation of the purchase than after the act of purchasing itself. Dopamine also plays a critical role in the brain's learning system. They call it the "Save Button" in the brain.

When the neurotransmitters are firing, the brain is more likely to retain that memory and then want to do it over and over again. The same thing happens-- when we anticipate a financial loss, the pain receptors in the brain are activated. And the brain reacts crazy when faced with excessive prices, or when someone anticipates a financial loss.

Nobody likes to lose money, but some people feel it really hard. So I have a client-- [CHUCKLES] this just makes me laugh. I have a client that falls into this "born savers" category. Right? And he feels financial losses, I think, harder than anybody I've ever met in my life. Jay, you've probably seen some of these people.

This guy, after losing just under $1,000 on a bad decision, he called me to tell me what happened. He needed to make some goals adjustments. Like, he was panicking, spiraling.

Fortunately, it wasn't a ton of money for him. And we have a good relationship, so as I listened to the spiral, at one point I finally stopped him and I asked him if he'd ever seen the movie "Hocus Pocus." He was puzzled, but admitted his wife makes him watch it a few times a year.

So when he asked why, of course, I asked that, I said, you remind me a little bit of Winnie when she's sitting at the window and she says, tis the end. I can feel the icy breath of death. Goodbye, cruel world.

And he's laughing, and said, he's-- all right, maybe I'm being a little dramatic. And his wife's yelling in the background "A little bit?" But he's one of those born savers that I was talking about, that-- Jay, you've probably seen those guys come in too. Nicole, talk to us about social influence.

Nurture, social influence, and personal experience. In addition to our generations and our genetics, we all have unique experiences that shape us. These include how we're raised and the people we spend time with throughout our lives. In young adults, parenting accounts for 40% to 50% of an individual's financial behavior.

Your parents' attitudes towards money are very influential, which is good news if your parents were competent and successful in this area. If they weren't, the good news is that the influence is strongest in adults younger than 25, and declines over time. By the age of 40, there's little remaining influence of parenting.

There are other big factors that influence a person's financial situation. As we talked about earlier, we are nowhere near having everyone start out at an equal starting point when it comes to finances. Race, gender, and family wealth play a huge role.

For example, for race, Black Americans earn just 73.4 cents for every $1 that a white man makes. In gender, the gap becomes even wider when we take gender into account. On average, Black women earn $0.64 for every dollar that a white man makes.

On average, white families have accrued eight times the wealth of Black families and five times the wealth of Hispanic families. It's important to understand that there are a lot of factors to consider, and creating a financial plan is not a "one size fits all" deal. And while there are things that won't change overnight, it is possible to make a positive change through education.

Financial education can help close the significant gaps and enable equality. Most Americans believe that people don't receive adequate education when it comes to finances. Only 21 states require high school students to take a personal finance course, and 89% of Americans believe the lack of financial literacy leads to social issues.

As you can see on the right, however, even by starting small, we can make a huge difference. There are small and large steps that we can take to improving our financial literacy and creating a path toward financial wellness, and education is one of them. So if you're here today, you're heading in the right direction.

Financial wellness tips for everyone. It is important to not only focus on financial literacy, but also creating long-term, sustainable financial behaviors. While financial literacy is important, it is even more important to build those behaviors to realize your financial goals.

Financial coaching is a good option for many people to help build and reinforce financial behaviors. Also, be open to new and innovative ideas to bring in revenue, and also in investing. It is good to be skeptical, but also be willing to take calculated risks that fit within your financial plan.

It is important to have goals and a plan. As my mother would tell me, fail to plan, plan to fail. It is something that I have incorporated in all facets of my life, especially my financial life.

So we are at the end of our portion, and I want to thank everybody for taking the time to listen to us speak today. And I'm going to wrap up my portion of the presentation today by leaving you with my pro tip from a very smart man, Zig Ziggler. I love to listen-- or I love to read about him. "Expect the best. Prepare for the worst. Capitalize on what comes." Thank you.

My tip for you guys today is to remember that you don't have to wait on anyone to give you anything. But your own influential change, and take a step out and see what's out there, and educate yourself on your finances.

My tip would be that financial freedom is physical and mental freedom. So whether you're working with customers or even in your personal life, is really meeting people where they're at, understanding what the differences are in how they view money. And really, making sure that you're-- oftentimes, with the folks that we work with is restoring hope and empowering them to realize those hopes and dreams.

It's time to share some additional resources that can help you build credit wellness. First, U.S. Bank offers one-on-one goals coaching at no cost. Goal coaching is a great way to get started on your journey toward credit wellness.

We start the process by discovering and prioritizing your goals. What do you want out of life? Your coach can also assist with identifying habits and actions to help you reach your goals.

Goal coaches cannot give financial advice or recommend products, but they can connect you to a banker to explore your options. To book an appointment, you can scan the QR code on your screen or go to usbank.com/exploremygoals. You can meet with myself, Jo, or one of our other colleagues.

If you haven't filed your taxes yet, there's still time to file and save money at the same time. You may have seen the federal tax deadline was pushed from April 15 to May 17. As a special offer for U.S. Bank customers and friends, you can save up to $20 with TurboTax online.

TurboTax guarantees your maximum refund, which you can use for things you need or goals you've set. Plus, enlisted active duty military members and reservists can file their taxes completely free. Visit usbank.com/turbotax to get start-- to get the details, or use your phone to scan the QR code on the screen.

U.S. Bank is offering eligible students a chance to win up to $20,000 in scholarships by completing online financial education lessons, powered by EVERFI. Students are eligible to win either $5,000 or $20,000 in scholarships. The more students learn, the more they can win.

You or the student in your life can also scan the QR code with your phone's camera from this slide, or visit usbank.com/scholarships to get started. Where was that offer when I was in school, though? As Courtney mentioned earlier, today's presentation is compliments of U.S. Bank.

You have an opportunity to enter to win a $1,000 cash prize at complimentsofusbank.com. It's as easy as entering your name, email address. While you're there, send an e-compliment card to your family and friends so they have a chance to win the cash prize, too. You can also share on social media using hashtag #ComplimentsofUSBank.

We received fantastic questions during the registration process that we'll address today. If you still have questions following today's session, please book your appointment with a banker at usbank.com/book. Our first question comes from Sandra. Jay, can you please help address some financial considerations for intergenerational households?

Yeah. You may want to first-off consider the generational viewpoints and feelings about money. As we discussed earlier in the presentation, there are generational differences, not to mention other experiences, that shaped the way we view and talk about money.

As in every conversation, have an open mind and understand where people are coming from. Find common ground and good financial practices that are healthy habits, regardless of generation. Examples of that are creating a budget and sticking to that budget. Creating goals and/or vision boards. Discuss both short-term plans and long-term plans. Most of all, be open to not only share your views, but listen and understand other views as well.

Thanks, Jay. That's great advice. Our next question is, is goal-setting different or different stages of your life? Specifically, seniors over 75. Nicole, can you help us with this one?

Of course. So yes, goals in your 20s may be completely different than goals in your 70s. In your 20s, maybe you're college-- starting up that college major, affordable apartment, or splitting up the tab for a hotel room. Whereas if I was in my 70s, I would be trying to decide which vacation I'm taking, whether I'm remodeling a kitchen or selling our home. Regardless of which phase of life you're in, you will have goals, and you should actively pursue them.

That's really helpful. Thanks, Nicole. Our last question comes from Dalton. Nicole, can you help explain how to break a habit of talking yourself out of buying things, even when they are necessary?

Yeah. So once you have obtained that full-time job and that full-time income, Jay mentioned it, creating a budget for yourself and tracking what your necessary expenses are for the month and what you'll have left over for optional expenses, will help you to better see the bigger picture of what's available to you to meet those needs, and to meet those wants that you have as well. Understanding your finances and where you stand with them will help you to get more comfort when making those purchases.

Sometimes, the fear of making those purchases comes from the fear of not knowing what's going to happen financially afterwards, you know? Am I going to regret buying that pair of shoes, or buying that suit for work? But if we know what we have available to us, we won't regret making that purchase.

Great. Thanks, Nicole. And thanks, Jay, for your time presenting today. And thank you to everybody who has joined today's presentation.

Please use your phone's camera to register for our next webinar, Gig Economy's Business Impact, on May 27 at 1:00 PM Central. As a reminder, we'll post the recording from today's presentation at usbank.com/wellnesswebinars in the next week. Remember to provide us with your feedback in the Post Event Session Thought Survey following today's session. This concludes our webinar. Have a wonderful afternoon, everyone. 

Get started with 1:1 goals coaching

A goals coach will help you explore your goals, prioritize them on a digital timeline, and help you create an action plan to achieve those goals. Coaches are not able to give you financial advice or recommend products, but they can connect you with experts at U.S. Bank who can address your financial needs.  Schedule time with a coach to get started.


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