Have a new college graduate? Give your loved one the gift of financial readiness.
This is the time of year when college graduates prepare to make their career dreams and goals a reality. Despite their degrees, however, they may be ill equipped to face financial challenges. According to an ongoing study by the National Financial Educators Council, the average level of financial literacy in 19-24 year olds is 69%.
College graduates may not be as confident in their abilities to earn, save, and invest their money as you had hoped. Here are 3 tips that can help you prepare your new college graduate:
Tip 1: Consider buying them life insurance.
New graduates are typically excited about their independence and sense of accomplishment. You can help by buying life insurance policies in their names. Buying life insurance now also ensures you obtain the lowest, initial rates.
College graduates are generally healthier now than they'll be in 10 years. Policies increase in cost over time and provide added financial security later in life. Read more