One millennial financial planner is challenging his generation to start flexing their political muscles.
Millennials are missing a major opportunity to control their financial futures by remaining politically unaware and inactive, says Bryan M. Kuderna, CFP, an investment advisor representative with Kuderna Financial Team, based in Shrewsbury, N.J.
In 2016, only 55.7 percent of voters actually voted in the presidential election, according to the U.S. Census Bureau. Even worse, of the 35 most developed countries, the U.S ranked 31st in voter turnout, according to a recent study from Pew Research.
Millennials continue to contribute their hard-earned money into a government system they are not actively participating in, says Kuderna, author of Millennial Millionaire -- A Guide to Become a Millionaire by 30.
This is one reason he included the chapter “Vote or Die” in his guide to becoming a millennial millionaire. In the 2019 fiscal year, $1.6 trillion in revenue is expected to come from personal income taxes, according to a projection from The Office of Management and Budget.
While millennials have been vocal about their political views online, they are simply not showing up to the polls, he explained. Kuderna, a millennial himself whose client base of roughly 60 percent millennials, says educated voters have better control over where their earnings and complain less.
“Retirees today and in the past heavily relied on Social Security and defined benefit pensions. Pensions are shrinking and disappearing, while Social Security is in dire financial straights. If these programs are not secured, there will be a huge shift to individual financial responsibility for future generations,” said Kuderna.
Some may wonder if politics has a place in financial planning. Kuderna believes it does, but as a means of empowering clients rather than influencing their views. He brings politics into discussions with clients only when it directly pertains to their finances, he explained. He believes clients should be aware of politics so they understand what government offers them now and are prepared for potential changes to come. Most important, he said, he urges clients to get involved in future political outcomes by voting.
Overall, when he speaks to millennial clients, they express worry about their financial futures and are generally receptive to political information. They are anxious but receptive when he provides them with information about how politics could effect their finances. Their worry is understandable, he says, considering millennials are entering the work force later in life and with unprecedented debt than previous generations, he explained.