ABA Announces Consumer Awareness Observance Days for 2018

By Rebecca Tudor

Every year, the American Bankers Association releases an annual calendar including specific dates for consumer awareness observance days. While “Earned Income Tax Credit Awareness Day” might not have the same ring as Halloween or Independence Day, such observance days can be incredibly useful for taking a moment to assess your own financial status and learn something new about managing your wealth.

This year, we’ll be following the ABA’s calendar closely, tying in articles to provide some extra information for you to celebrate observance days. Pay close attention—we may even be running special events to celebrate some of these festivities at our office locations!

Read on to see the ABA’s schedule for 2018. Each month will provide you different financial perspectives, so we challenge all Milford Bank customers in Milford and Stratford to get creative and show us how they plan to celebrate!

January

1/26: Earned Income Tax Credit Awareness Day

1/28: Data Privacy Day

1/29-2/2: Tax Identity Theft Awareness Week

February

2/26-3/3: America Saves Week

March

3/4-3/10: National Consumer Protection Week

3/20: National Agriculture Day

April

National Financial Literacy Month—celebrated all month

Records and Information Management Month—celebrated all month

4/1: National 1 Cent Day

4/16-4/22: National Health Care Decisions Day

4/17: National Tax Day

4/20: National Teach Children to Save Day

4/29-5/5: National Small Business Week

May

Older Americans Month—celebrated all month

Military Appreciation Month—celebrated all month

June

American Housing Month—celebrated all month

National Internet Safety Month—celebrated all month

6/15—World Elder Abuse Awareness Day

6/28—National Insurance Awareness Day

July

National Make a Difference to Children Month—celebrated all month

August

Back to School

September

College Savings Month—celebrated all month

National Preparedness Month—celebrated all month

9/9—National Grandparents Day

October

National Cybersecurity Awareness Month—celebrated all month

National Crime Prevention Month—celebrated all month

Family Health Month—celebrated all month

10/1-10/5—Customer Service Week

10/1-10/5—Financial Planning Week

10/18—Get Smart About Credit Day

November

Military Family Month—celebrated all month

National Scholarship Month—celebrated all month

National Family Caregiver Month—celebrated all month

December

Identity Theft and Protection Awareness Month

At The Milford Bank, we’re committed to helping you stay focused on your bottom line all year round. So be sure to check out the ABA calendar and find some topics that pique your interest, as we’ll be putting together supplemental educational resources to correspond with the ABA’s observance days throughout 2018.

If you’re interested in learning even more about a particular subject from the calendar, be sure to check out our Online Learning Center too. It’s a wealth of resources designed to help all our customers achieve the best possible financial outcome for their family’s needs and wants. To learn more, click here.

Millennial Spending Habits Leave Little Room to Save

By Cortney Meng

It was only three years ago that Millennials became the largest generation in the U.S. labor force, surpassing the Baby Boomers with employment numbers of 53.5 million. This seemed to be a coming-of-age moment for Millennials, but new research indicates that in spite of three straight years as the top demographic in the labor force, Millennials have yet to turn their earnings into savings.

According to a new Bank of America survey, it was found that 46 percent of Millennials had no money in a savings account in 2017. Even more startling, this number actually increased from 31 percent over the span of just one year.

Given the fact that Millennials are working more but spending less, this financial epidemic may be rooted in poor spending habits. Let’s take a deeper dive into how Millennials are spending their money in 2018, and what they can do to break the cycle and bolster their savings.

Spending on comfort and convenience

A Charles Schwab report found that Millennials, more so than previous generations, are willing to spend frivolously on comforts and conveniences. 60 percent admitted to spending more than $4 on coffee, 79 percent would splurge to eat at the hot restaurant in town and 69 percent buy clothes they don’t necessarily need. Millennials also surpassed both Generation X and Baby Boomers when it came to shelling out cash for the latest tech gadgets and live events, as well.

Bills, bills, bills

Though Millennials do their share of frivolous spending, not all the bills in the mailbox are a choice. In fact, a recent Mother Jones study compared Millennials to young families from the 1980’s and 1990’s and found that young adults today pay about $1,000 more on healthcare, $1,500 on pensions and Social Security, $2,000 more on overall housing and $700 more on education.

Simply put, cost of living increases have put a damper on what earnings Millennials have generated. That said, the need to save for the future must remain a top priority. Millennials must reconcile the lifestyles they wish to lead with the realities of the world they want to live them in.

So what can Millennials do to start getting their savings accounts in the black?

Forbes recently outlined some of the ways in which Millennials can begin breaking the bad habits that have gotten them to this point. Here are a few key points:

  • Millennials, natives of the Social Media age, are often pressured to be at every event, party or Happy Hour. FOMO, or “fear of missing out”, is a very real phenomenon and can often lead individuals to spend money they don’t have, simply to ensure they’re in the picture—both literally and figuratively.
  • Setting clear goals is crucial, especially if you’re not where you should be or want to be financially. Even if it’s just saving $10 from each paycheck, it’s a start. By clearly defining your needs, and your limitations, you’ll soon be able to turn $10 into $100.
  • Checking and savings are two different things, yet many Millennials try to use a checking account for all their cash. Not only does this curb your growth potential, but it becomes all too easy to draw from that money in a particularly tight week. If it’s visible and easily obtained, you may have a hard time saving it.

To learn more about developing an approach to saving that will get you where you want to be, stop by any office of The Milford Bank in Milford or Stratford, or check out our Online Learning Center here.