Latest news with #JanelleSallenave
Yahoo
3 days ago
- Business
- Yahoo
Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter?
As members of Gen Z graduate college and prepare to enter the workforce, many members of this demographic lack basic money management skills. Only 26% have ever written a check, while 22% have balanced a checkbook, according to a new survey from Chime by Talker Research. While these skills may seem antiquated in today's digital world, they represent a solid foundation of financial knowledge and can pave the way to better money management skills across the board. Check Out: Read Next: Even if you only need to write a check once or twice a year — or even less frequently — it's often for milestone events like paying wedding vendors or buying a house. 'Digital payments often come with extra fees,' said Chime chief spending officer Janelle Sallenave, noting that these fees can add up for large payments. Rather than walking into a car dealership, for instance, with $5,000 in cash for a down payment on a vehicle, a check provides a secure, fee-free way to pay. You might also want or need to write checks to cover rent payments, bank deposits for opening a checking or savings account online or even to mail money as a gift to an out-of-town relative. For some purchases, such as buying a home, you'll need to write a certified check or cashier's check. These checks, usually for large amounts, come with a guarantee from the bank that the money is in the account and the check won't bounce; it won't be declined due to insufficient funds. A certified check is backed by the money in your account, while a cashier's check is drawn from the bank's funds after you give the bank that money plus a fee. Discover More: Knowing how to balance a checkbook is even more important, as it can help you keep tabs on your money, avoid overdraft charges or returned payments and can also help maintain a budget. Especially with automatic electronic deposits and automatic bill-pay features in checking accounts today, it's important to take a look at what's coming into and out of your account weekly, if not daily. 'Your online balance doesn't always reflect pending charges or holds,' Sallenave said. Getting into the habit of keeping a separate record of transactions and comparing that record to your bank statements monthly can also help you spot erroneous charges or even subscriptions you might want to cancel because you don't use them anymore. Essentially, taking a solid look at your money coming in and out regularly can help you feel more in control of your finances. While Gen Z may not be the best at analog money management tools like checks or paper bank ledgers, they are showing financial maturity in other ways. The Chime survey indicated that 35% of Gen Z has created and stuck to a budget. They might be leveraging digital tools for money management, and keeping a budget indicates 'they're paying attention to where their money goes,' Sallenave said. She called a budget 'a step in the right direction when it comes to [being] financially responsible.' More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter?
Yahoo
3 days ago
- Business
- Yahoo
Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter?
As members of Gen Z graduate college and prepare to enter the workforce, many members of this demographic lack basic money management skills. Only 26% have ever written a check, while 22% have balanced a checkbook, according to a new survey from Chime by Talker Research. While these skills may seem antiquated in today's digital world, they represent a solid foundation of financial knowledge and can pave the way to better money management skills across the board. Check Out: Read Next: Even if you only need to write a check once or twice a year — or even less frequently — it's often for milestone events like paying wedding vendors or buying a house. 'Digital payments often come with extra fees,' said Chime chief spending officer Janelle Sallenave, noting that these fees can add up for large payments. Rather than walking into a car dealership, for instance, with $5,000 in cash for a down payment on a vehicle, a check provides a secure, fee-free way to pay. You might also want or need to write checks to cover rent payments, bank deposits for opening a checking or savings account online or even to mail money as a gift to an out-of-town relative. For some purchases, such as buying a home, you'll need to write a certified check or cashier's check. These checks, usually for large amounts, come with a guarantee from the bank that the money is in the account and the check won't bounce; it won't be declined due to insufficient funds. A certified check is backed by the money in your account, while a cashier's check is drawn from the bank's funds after you give the bank that money plus a fee. Discover More: Knowing how to balance a checkbook is even more important, as it can help you keep tabs on your money, avoid overdraft charges or returned payments and can also help maintain a budget. Especially with automatic electronic deposits and automatic bill-pay features in checking accounts today, it's important to take a look at what's coming into and out of your account weekly, if not daily. 'Your online balance doesn't always reflect pending charges or holds,' Sallenave said. Getting into the habit of keeping a separate record of transactions and comparing that record to your bank statements monthly can also help you spot erroneous charges or even subscriptions you might want to cancel because you don't use them anymore. Essentially, taking a solid look at your money coming in and out regularly can help you feel more in control of your finances. While Gen Z may not be the best at analog money management tools like checks or paper bank ledgers, they are showing financial maturity in other ways. The Chime survey indicated that 35% of Gen Z has created and stuck to a budget. They might be leveraging digital tools for money management, and keeping a budget indicates 'they're paying attention to where their money goes,' Sallenave said. She called a budget 'a step in the right direction when it comes to [being] financially responsible.' More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
New Grads' Top Three Money Worries: Expert Advice to Face Finances as An Adult
As more than 1 million college graduates prepare to enter the workforce, based on historical data from the U.S. Bureau of Labor Statistics, many of these young adults feel financially unprepared. Not surprisingly, Gen Z money concerns may also resonate with millennials and Gen X. Learn More: Find Out: Chime spending officer Janelle Sallenave weighs in with tips to combat the top three financial fears of new graduates, as revealed in a new survey from Chime by Talker Research. Four-in-10 (44%) of new graduates are worried about finding a job in their field. These fears may be unfounded, as 69.6% of 2024 graduates are now employed. However, the right tactics and smart networking moves can increase your odds of finding a job faster. 'The traditional 'apply online and wait' approach isn't always enough,' Sallenave said. Recommending building a professional network, Sallenave suggested reaching out directly to recruiters. 'Keep in mind, many job openings aren't posted on job sites,' she said. However, online efforts should still play a role in your job hunt. 'Curate your LinkedIn feed with intention,' she said. 'Follow recruiters, career coaches, and industry pros who regularly share helpful tips or job leads.' Most importantly, don't settle for a role that isn't a good fit if you can wait. 'Jumping into just any job can set you back. A little patience now can lead to a role where you're valued, growing, and genuinely happy to show up every day.' Students graduating from a public university leave with an average of $31,960 in student loan debt, according to It's no wonder that 35% worry about paying off their student loan debt without sacrificing future financial security. Sallenave suggested that small steps are best. 'Tackle high-interest debt first, but don't ignore your savings,' she said. 'Having a small emergency cushion can go a long way to keep you out of more debt.' She recommended setting up autopay to avoid missed payments and make sure to balance saving, investing, and making the minimum payments on your student loans. 'Investing early gives your money more time to grow, so you don't have to choose between tackling debt and preparing for what's ahead,' she advised. One-third of survey respondents said they have concerns about managing their monthly bills as they embark on adulthood. Sallenave suggested setting up online bill pay to avoid late payments and fees. 'Still, check your statements regularly to catch any errors or unexpected charges,' she said. New grads just learning how to manage money can also take advantage of technology tools to stretch their money between paychecks. Find a bank that allows an overdraft with no fees in case you run short of cash. Early direct deposit can also help you avoid late payments by putting money into your account two days faster than it would usually clear. With a solid foundation of financial knowledge, managing money can quickly become a habit that will serve new graduates well through every stage of life. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on New Grads' Top Three Money Worries: Expert Advice to Face Finances as An Adult
