NGPF's Director of Educational Outreach Yanely Espinal was on the TODAY Show on Aug. 31 to discuss new personal finance rules for the younger generation. Read on for three things she mentioned and watch the clip of her segment for more. 

1. A traditional savings account doesn't cut it anymore

Previously, you needed to focus on keeping money safe and protected. Now, that’s the bare minimum; younger folks need to get an interest rate that is equal to or higher than inflation. Yanely recommends opening a high-yield savings account to store funds. 

2. Digital spending makes it harder to save money

Because you no longer have to buy things with cash, it's even easier to spend money than to save it. Yanely recommends automating your savings with every paycheck to make sure necessities are covered. 

3. Companies no longer guarantee a pension

The responsibility to save for retirement now falls onto the individual employee. Yanely suggests it may be wise to change jobs for a better salary rather than stay loyal for the retirement. It's also important to have multiple income streams to stay diversified and have a comfortable lifestyle.

About the Author

Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.

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