Financial Services Trends to Expect in 2021
When it comes to the start of a New Year, people are inundated with reminders to chase resolutions… especially when it comes to a healthy financial life. However, when it comes to financial health that lasts, no matter what month or year it is, it’s all in finding what works for you and for your money. One of the best ways to do that? By looking at financial literacy with a holistic view — and by keeping an eye on financial services trends whenever and wherever you can.
Here are some of the biggest trends we’re seeing for millennial finances (and beyond) in 2021, and what they mean for you and your money:
Technology that goes the extra mile
Back in the day, financial technology existed simply in the realm of (slow) online banking, clunky tax software that fit on CD’s, and long hold lines at car centers. These days, and in 2021, financial technology has created an arena that inspires people instead of frustrating them.
Whether it’s through automatically creating savings goals or by making it easier to invest, you can bet that financial technology will continue to grow and move with time. Instead of creating more roadblocks, financial services in 2021 are significantly more geared towards creating openings.
Finances that fit with your lifestyle… instead of against it
We’re long past the days of financial advice that tells people to resist their morning lattes and worship the clearance racks. While financial advice used to be super short-term, financial advisors and gurus across the space understand the importance of long-term goals.
Instead of honing in on fear tactics and scarcity, 2021 financial advice lies way more in the realm of investments, retirement, and planning that goes beyond a $5 oat milk latte. Truly, this is the kind of advice that matters the most anyways — the sustainable, buildable kind instead of the limiting kind. We’re all about those kinds of financial services trends over here.
Dealing with debt
Debt has long since been a problem, and it continues to grow in scale… for the millennial population, especially. From crushing student loan debt to magnified credit card debt, the implications of debt are far-reaching and can create a financial mindset rooted in difficulty and lags.
In 2021, we’ll be seeing an increased focus on debt repayment, smart loan activity, and a renewed focus on the importance of budgeting and being intentional about money in the first place. The way we see it? There’s nothing quite as important as the foundational pieces of the puzzle.
At CIFS, our biggest focus is creating an environment rooted in financial literacy instead of in financial confusion. Consumers are the key to success for every sector of business, which is why we lead and promote educational programs, income management, and financial responsibility from the ground up. Learn more about us today.