Mapping out your financial plans The challenges presented by the pandemic followed by the recent inflation have made many Americans re-evaluate their spending habits, financial plans and long-term savings goals. We took some time to review the current status of savings for each generation, how they have been impacted since 2020 and what they can do to get on track with retirement goals. Let’s get started... WE CAN HELP – even people who are good with money can use a little help when it comes to financial planning. That’s why Florida Credit Union offers our members full access to our complete library of financial tools and resources: . We also offer financial products and investment services designed to help you prepare for the road ahead: . Generation Z , identified as those born after 1997, have already shown a heightened consciousness with spending and savings habits, with 12% of Gen Z workers having already initiated their retirement savings. If Gen Zers are looking to live and make money on their own terms, they’ll need to have their finances, and savings, under control and they’re currently on track to do so. 1 in 3 Millennials are dipping into retirement savings early as a result of financial stress. Older millennials are only 25 years away from retirement, and should be looking for ways to grow their money beyond traditional savings accounts. 401(k) plans offered through jobs with employer matched contributions are a great way to save effortlessly and let compound interest take effect. Surveys show that many Gen Xers suffered wage decrease during the pandemic compounded by the recent inflation rates. With 15 years until retirement, most Gen Xers are in their peak earning years and are working to catch up on retirement savings by increasing their incomes with side jobs, spending less on non-discretionary expenses and increasing their 401(k) contributions. 55% of Baby Boomers say they have funds set aside for retirement while 45% report having no retirement savings. Boomers should be focusing on cutting corners where they can. They can do this by paying off debts immediately, downsizing, reallocating funds based on tax benefits, and consider delaying retirement if needed. Born between roughly 1925 and 1945, the Silent Generation , now range in age from 75 to 95 years old. With less debt and more savings than any other generation, the Silent Generation is well positioned to weather financial storms. SOURCE: PLANSPONSOR.COM | THEBAHNSENGROUP.COM SOURCES: INVESTOPEDIA.COM | YAHOO.COM SOURCES: PLANADVISER.COM | MARKETWATCH.COM SOURCE: PLANSPONSOR.COM SOURCES: BETTERMENT.COM | CNBC.COM (Fraud Prevention: How to Recognize Scams & Avoid Becoming a Victim of Fraud - continued) We also suggest enabling the two-factor identification feature whenever possible to add an extra layer of security to your financial accounts. Keep your notifications turned on so you can quickly identify fraudulent withdrawals and take action to correct the situation if your account is compromised. A good rule of thumb is that rather than clicking on links or calling numbers provided via text or email, you go directly to your institution’s website and contact their support number to confirm the message was from them. You can also enter the verbiage used into your search engine to see if anyone has reported similar suspicious activity. The Federal Trade Commission (FTC) will often post reports about the claims they’ve received of potential phishers for you to review. You should always treat fraud risks seriously since being a victim of identity theft can make achieving financial security harder over the long term. What to Do If You Suspect Fraud If you suspect you might be a victim of fraud, it’s essential to act quickly. Immediately report your suspicions to the institution the scammer was posing as, as well as the FTC’s fraud portal. You should also change your account passwords, especially those that share a password with the breached account. Contact your financial institutions and inform them immediately, pay attention to possible fraudulent transactions and look for suspicious monthly expenses in your online statements. Consider monitoring your account in real time for the next few months. This process can also help build up good spending habits and get you focused on your financial goals. We’ve Got Your Back You’ve worked hard for your money, so protect it. As your neighborhood credit union, Florida Credit Union will always be in your corner to help keep you and your finances safe before and after fraudulent activity. If you want to learn more about protecting your account or stay updated on the latest phishing scams seen by our members, visit our fraud alert page. Remember, you can contact our team for fast, local service that prioritizes your financial security. Whether you are paying off debt, looking for a better interest rate, have a savings account, or using one of our credit card options. We are here for your and your family’s safety and security. FCU INVOLVeMENT Florida Credit Union was onsite for this year’s DeLand Dog Parade. Proceeds from this event benefit the arts, fragile families, and humane pet centers. Florida Credit Union CEO Mark Starr spoke at the Alachua County Teacher of the Year event. FCU is proud to support teachers. u p