MILWAUKEE, Feb. 29, 2016 /PRNewswire/ -- Every four years, an extra day appears on the calendar and graces us with 24 hours of found time. Many will spend this bonus day trying a new restaurant, starting a hobby or jumping in the car for a spontaneous road trip. While these options are a fun way to seize the day, there's another way to make the most out of Leap Day. This year, Northwestern Mutual suggests Millennials use the extra day to leap into their financial futures.
"Leap Day only happens every four years, making it a day filled with unexpected opportunity," said Emily Holbrook, young personal market director for Northwestern Mutual. "That's why it's a perfect time to take a leap forward into your financial future – set a goal, meet with a financial professional, create a budget or pay off a debt. Do at least one thing that will help you achieve your life goals."
Not only can managing finances better position you for the next spontaneous Leap Day adventure, it can help you better prepare for life's surprises along the way. For young people wondering where to start, there are many financially smart tasks that require only a small amount of time, yet can significantly improve your financial well-being. And you'll still have time afterwards for some Leap Day fun.
- Set some goals. Currently, 53 percent of Millennials have set financial goals*. For those who have not yet defined goals, sit down and create some money milestones that align with your future plans. Ask yourself where you want to be at this time next Leap Day. For those who have already set goals, now is a perfect time to review your plan, assess how you're doing and make updates if needed.
- Review your 401(k). Approximately 73 percent of Millennials expect to work past 65 because Social Security won't take care of their needs*. This finding stresses the importance of a strong 401(k). Are you contributing to your employer's plan? Can you afford to contribute more? Spending even a few minutes analyzing your retirement savings could pay off down the road.
- Meet with a financial professional. The best way to make sure you're making the most of your money is to create a plan with a financial professional. Approximately, one in three Millennials say a lack of planning is their greatest obstacle to achieving financial security. Creating a financial plan now can maximize your finances down the road.
"Regardless of where Millennials are on their financial journeys, completing even one small task today can have a big impact on their financial futures," said Holbrook.
*Source: Northwestern Mutual's 2015 Elements of Success study, conducted with Harris Poll including over 4,300 interviews in June 2015. The interviews were completed among U.S. adults age 18+ and included members of the general population.
About Northwestern Mutual
Northwestern Mutual has been helping families and businesses achieve financial security for nearly 160 years. Our financial representatives build relationships with clients through a distinctive planning approach that integrates risk management with wealth accumulation, preservation and distribution. With more than $230 billion in assets, $27 billion in revenues and more than $1.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.2 million people who rely on us for insurance and investment solutions, including life, disability and long-term care insurance; annuities; trust services; mutual funds; and investment advisory products and services.
Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI, and its subsidiaries. Northwestern Mutual and its subsidiaries offer a comprehensive approach to financial security solutions including: life insurance, long-term care insurance, disability income insurance, annuities, investment products, and advisory products and services. Subsidiaries include Northwestern Mutual Investment Services, LLC, broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company, limited purpose federal savings bank; and Northwestern Long Term Care Insurance Company.
SOURCE Northwestern Mutual