YOUNGSTOWN, Ohio – Balancing short-term financial needs with long-term financial goals is important at any age.
Bill Moss, vice president and senior investment officer, WesBanco Bank, points out getting the right trusted team behind you can make a difference.
“We want you to be healthy financially,” Moss says, “because that just helps the whole economy and that’s where a trusted team comes in.”
And as Gen Z starts earning real money in a complex economy where everything seems to cost more, they may increasingly find a financial planner or adviser useful.
A Northwestern Mutual report found the typical millennial started working with a financial adviser at 29, nine years younger than Generation X and 20 years younger than baby boomers.
WesBanco partners with the United Way, local libraries, Youngstown State University and others to offer programs on financial literacy. When someone is ready to look seriously at their finances, there are free wealth information seminars. Moss says the information is broken down and the attendees can sit in a crowd anonymously soaking it in.
And while there is a lot of information online, Moss points out it is not specifically tailored to you, including the amount of risk you feel comfortable facing while investing.
Daniel Griffith, senior vice president, director of wealth strategy wealth management at Huntington National Bank, agrees. While a family member may be able to give advice and online resources may help get someone started with basic information, having wisdom specific to an individual situation is key.
“Information is knowing that a tomato is a fruit, but wisdom is knowing not to put a tomato into a fruit salad,” Griffith says.
Student Loans
For many just entering the workforce, paying off student loans can seem to be a distant goal.
“I think it is absurd that we don’t do a good job of educating our high schoolers or even our college students about the student loan they’re taking on and what the appropriate strategies are to pay it off,” says Stephen Daprile, president of Gem Young Wealth Advisors.
Too often he finds young adults, early in their career, are making the minimum payments, even if they have the means to pay more.
“They’re very smart people, but they don’t have the financial education to understand that sometimes just [paying only] what you need to, is only covering interest,” Daprile says. “You’re not paying down principal.”
While other debt is cancelable, Daprile points out student loan debt follows you even past death. Although investing in yourself intellectually can be an important part of building wealth, Daprile says tackling that student loan debt in a reasonable amount of time is a significant part of it.
And even though paying off student loans is not as exciting as saving up for a large purchase like a first home or starting a family, it can quickly become an overlooked component financially, Daprile says.
“I look at this stuff holistically,” Daprile says. “So, we talk about things like managing your cash flow to ensure we can accomplish both of those goals (saving 20% for a home down payment while managing student loan debt).”
By saving at least 20% for the down payment on a house, a buyer can avoid expensive prime mortgage insurance, he adds.
But if the buyer’s goal is to save 3% for the home’s down payment, then it is important to talk to an expert about credit score, interest rates and types of loans for which that person may qualify, Moss says.
When it comes to balancing multiple debts, including student loans, Moss suggests working on the highest interest-rate debt first, even if that is harder to pay down.
Griffith emphasizes the importance of making sure you have the best interest rate possible for that student loan. Taking the initiative of rewrapping it into a lower rate loan later can help, as well as keeping track of career opportunities where student loan reduction or forgiveness is an option.
Savings and Retirement
When you have an extra $100 at the end of every month, Griffith points out having someone who can walk you through where to put it can be key. But he does not suggest waiting until student loans are paid off to begin saving for retirement.
The experts suggest young people also should consider the tax deferred 401(k) or 403(b) available through their employer, especially if it comes with matching money.
“What you’ll find in the Youngstown region is we have a lot of great employers that do matching contributions to retirement plans,” Moss says.
He suggests starting as soon as someone enters the workforce.
When someone starts their job, a human resources officer typically goes over the retirement plans. It’s easiest to get started then. Griffith says some employers even allow internships or part-time employees to participate, although they may not get the generous match full-time employees enjoy.
“It makes sense to say, if I’m allowed to participate in the plan, I might want to contribute to the 401 (k) and create some tax savings and retirement saving early in life,” says Griffith.
Moss admits someone in their early 20s may think they have plenty of time, but it would be advantageous to start earlier instead of later, even if you are not making a lot of money.
“The compounding on the early amounts actually is worth more than the bigger contributions later in life,” Moss says. “So, we always encourage – start as soon as you can.”
Talking with a financial adviser or checking out an online portal with a bank can help explain the differences between stocks, bonds, other options and the risks associated with them, Moss says.
For instance, even if your employer does not offer a 401(k), Griffith suggests an individual can do an IRA contribution or Health Savings Account, which allows them to grow their money and receive a tax-free distribution when it is used for that health-related expense.
Griffith notes someone planning to retire before they are eligible for Medicare may find an HSA a great way to cover medical expenses in between. Additionally, therapies and preventative medical treatments may not be covered by regular health insurance, but an HSA may cover it.
Budgeting for Goals
Keeping money in different buckets, so to speak, can help a young person save money instead of overspending. Moss points out it is not always necessary to have “the next shiny thing” like the latest phone, car or other status symbol.
And when a cost of living raise or bonus happens, Griffith suggests adding some or all of that into the contributions toward to your retirement investments to work up to the maximum allowed.
“Those are good, quick ways to create some savings [and] you might not miss” the money, Griffith says.
Griffith says young professionals today have a lot of online options and apps that allow them to check balances and budget.
“It’s good to do budgeting, but at the base of every good budget it a good goal-based foundation,” Griffith says.
If you know what your goals are, instead of spending everything earned in the first few years or tying everything up in retirement funds, creating additional buckets allows you to save for that house or family.
Credit Karma recently reported the cost of raising a child born in 2025 in the U.S. is about $18,761 annually, including housing, food and childcare expenses. College tuition and wedding expenses aren’t part of that total.
Daprile notes the cost of childcare has increased so much starting a family is a financial challenge.
Having money that can be pulled from investments without penalty can help pay for children’s expenses.
While someone in their 20s may believe they will live forever, Moss says buying life insurance when you are younger is cheaper. Premiums tend to increase as a person ages.
“Especially those starting younger families, getting married, you don’t want to leave debt or your partner in a bad position and a bad legacy for your children,” says Moss.
Griffith notes financial advisers should not just help plan for retirement, but create a comprehensive plan for the estate – making sure if someone passes away early the life insurance is there and the beneficiaries receive the assets.