The Ohio Society of CPAs has launched a new video series to help young adults tackle some of their most challenging financial issues after a recent study found young adults are at a financial disadvantage.
The videos look at 10 different financial topics relevant to young adults today, ranging from negotiating job offers to opening joint accounts with loved ones. The short videos provide key strategies and suggestions and features Alex Swain, CPA and William Vasil, CPA, CFP, M.Acc., CDFA, both members of the OSCPA Young CPA Columbus Regional Committee.
The series follows the release of FINRA’s 2012 National Financial Capability Study which indicated young adults need guidance on managing financial stress, unemployment, overdrawn accounts and financial literacy. The study was published May 2013 and focused on Americans ages 18 to 34.
“Making poor financial decisions can negatively impact a young adult for several years," said Vasil, tax manager at Ary Roepcke Mulchaey, P.C. "Establishing proper financial habits early allows young adults to successfully navigate life's financial challenges.”
In a video on investment, Vasil describes how time can be a great asset for young adults. He explains that with a 6 percent return rate, someone saving $5,000 per year will have accumulated $1 million by the age of 70. In comparison, a person would have to save $18,000 each year if they started saving at age 45.
“These topics are relevant regardless of age but are especially important for young professionals to consider,” said Swain. “Being proactive in their financial health can pay off greatly in the future.”