“Financial Ignorance” Big Concern of Millennials


In the CBS News Moneywatch report “Why millenials aren’t rushing to buy homes,”(1) author Jason Notte suggests that the Millenial generation has yet to experience any economic recovery and still feels too much uncertainty about the future to make a financial commitment as large as purchasing a home.

“The article points out several worrisome things about the finances of many Millenials,” commented Castro Valley, CA Realtor® Murline Monat. Referencing the statistics that 21% of Millenials do not know their current credit score, and 11% have never checked it, Ms. Monat remarked, “knowing your credit score is the first step in many purchases, not just buying a home. Anything financed – furniture, entertainment equipment, computers, anything – requires a credit check. Knowing your standing before making a purchase can help set your expectations.” Murline Monat specializes in residential real estate in Castro Valley Neighborhoods.

Coming of financial age watching the economy collapse and surviving financial institutions rewarded for their behavior with bailouts made a significant portion of Millenials highly untrusting of banks – leaving few other places to save their money. Starting their careers in low-wage jobs and with high levels of debt means that there isn’t much money to save. “With little to no money to save, I guess it’s not too surprising that almost 10% of the generation does not maintain a savings account. But it is such a simple step to take towards building financial stability,” Ms. Monat noted.

Currently, the national average for a down payment is $30,000 and the median home price is $220,000. “That the majority of Millenials are not able to purchase a home now is not the problem. The problem is they do not seem to know what to do financially to be able to purchase a home in the future,” Ms. Monat concluded.

About Murline Monat, Realtor®

A long-time Bay Area resident, Murline brings a wealth of knowledge and experience to her realty career – including an M.S in Industrial Psychology, building her own home, and group facilitation. Her background makes her an excellent champion for her clients. By ensuring her clients are appropriately informed throughout the purchasing or selling process, coordinating all the parties involved, and negotiating the best deal, Murline’s reputation in the community and realty industry is impeccable.

Before becoming a realtor in 2009, Murline Monat spent her time analyzing sales trends for both large corporations and small businesses. The difference between retail sales trends and real estate trends are minimal and she is able to support her clients in one of the most important lifestyle choices they will make. These decisions “bring great comfort and satisfaction to individuals and to families. I love being a part of that process.”

A Bay Area resident since the age of 5, Murline and her husband made Castro Valley their home because of its central location for both of their careers at the time. While a practical choice, the decision to live in Castro Valley has always been a happy one.

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.