ATLANTA, June 29, 2016 /PRNewswire/ -- According to its 2016 National Financial Confidence Survey, SunTrust Banks, Inc. (NYSE: STI) found 1 in 4 millennials between the ages of 21 and 34 remain financially dependent on their parents for some expenses. Of this group, 72 percent say they would have trouble paying their bills without parental assistance. The most common forms of financial help include cell phones, car insurance, household expenses, medical insurance and rent/mortgage.
With 47 percent of parents saying this financial assistance causes them some or a great deal of financial stress, SunTrust offers the following tips to help millennials take a step toward gaining their financial independence:
- Track your spending. If you don't know where your money goes, it can be difficult to find opportunities to save. Keep track of your spending habits to help identify areas where you can cut expenses.
- Set savings goals. It's easier to stay on track if you have a savings target in mind. Figure out how much you need to save and then start doing it by setting up automatic transfers from your checking account, or direct deposits from your paychecks, into a savings account.
- Develop a credit history by putting bills under your name and paying them on time. This will allow you to more easily apply for and receive a mortgage and other loans when ready.
- Start investing now. If your employer has a retirement plan, utilize it. Even if it's just a small percentage to start, the early years of employment are important. The money saved now will allow for compounding interest to work in your favor all the years leading into retirement.
- Enter for a chance to win the Year onUp Sweepstakes at suntrust.com/yearonup between June 29 and August 31. Twenty-five winners will receive the amount of their monthly mortgage, auto or student loan payments for an entire year, up to a certain value*. The money saved can be put into a savings account to help with a future down payment or other financial goals.
"The first years following college graduation can be tough to gain the right financial footing," said Brian Ford, SunTrust Financial Well-Being Executive. "In an effort to raise awareness on ways to achieve financial independence, we are sparking a movement at onUp.com and helping to build financial confidence in America."
At suntrust.com/yearonup, consumers can enter for a chance to win the amount of their monthly mortgage, auto or student loan payments for an entire year, up to a certain value. While this sweepstakes will reward 25 winners, everyone can benefit by learning financial habits that will help them down the road to a strong financial future.
For more tips surrounding everything from smart banking to home ownership, and to enter the Year onUp sweepstakes, visit suntrust.com/yearonup.
*Terms apply, see official rules for details.
About SunTrust Banks, Inc.
SunTrust Banks, Inc. is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses and communities it serves. Headquartered in Atlanta, the company has three business segments: Consumer Banking and Private Wealth Management, Wholesale Banking, and Mortgage. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate and institutional clients nationally. As March 31, 2016, SunTrust had total assets of $194 billion and total deposits of $152 billion. The company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.
SunTrust Bank, Member FDIC. © 2016 SunTrust Banks, Inc. SunTrust is a federally registered service mark of SunTrust Banks, Inc.
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SOURCE SunTrust Banks, Inc.