The Ohio Society of CPAs has launched a new videos series to help young adults tackle timely financial challenges.
The series explores 10 especially relevant financial topics, from negotiating job offers to opening joint accounts with partners, by offering young viewers strategies and suggestions.
Featuring OSCPA Young CPA Columbus Regional Committee members Alex Swain and William Vasil, the videos are a response to FINRA’s 2012 National Financial Capability Study, which found that Americans aged 18 to 34 are at a “pronounced disadvantage” in many financial categories.
“Making poor financial decisions can negatively impact a young adult for several years," stated Vasil, tax manager at Ary Roepcke Mulchaey. "Establishing proper financial habits early allows young adults to successfully navigate life's financial challenges.”
In a video covering investment, Vasil offers a comparison, saying that with a 6 percent return rate, someone saving $5,000 per year will have accumulated $1 million by the age of 70, while that person would have to save $18,000 per year had they started saving at age 45.
“These topics are relevant regardless of age but are especially important for young professionals to consider,” stated Swain, who works in healthcare advisory services at Ernst & Young. “Being proactive in their financial health can pay off greatly in the future.”