Millennials & Financial Literacy | Your Money 4-5-21

Financial literacy is an underdeveloped skill for people between the ages of 18 and 34.

In the latest episode of Your Money, Leo Daprile, of Gem Young Insurance and Financial Services in Canfield, discusses the various thought processes needed for financial literacy.

Daprile says businesses have begun to implement automatic 401(k) plans for new employees to help establish the bases earning for retirement. He says his clients have the option to opt out, but he has seen success with the new 401(k) model.

“The decisions you make to save in your 20s determine how comfortable your 50s are,” Daprile says.

Lessons on financial literacy don’t stop after someone reaches retirement, however. Daprile says that people reaching retirement or who have already retired need to consider if their savings are enough to last for a comfortable life.

“A lot of people think, ‘Ok, I’m 62. Between Social Security and some of my other savings, I can have enough money to live on today,” Daprile says. “But they haven’t really run that out to a 30-year projection to say, ‘Was it really the best decision for me?'”

Original Air Date: March 25, 2021. Every Tuesday during the Dan Rivers show on AM570 WKBN, Gem Young President Leo Daprile hosts a radio show called Your Money. Daprile brings his vast knowledge of all things “money” to discuss the topics in language everyone can understand.

About Gem Young

We’re a family business that does business with individuals and families who require comprehensive risk management for their wealth and their assets. We believe clients want professional advice at a fair value and we deliver that by leveraging our reputation of professionalism, integrity, teamwork, and a get-it-done-right-the-first-time attitude. We believe in making a difference in our clients’ lives.

Copyright 2021 The Business Journal, Youngstown, Ohio.