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Old-school personal finance will only take you so far if you're a young adult today.
You know you need to save for retirement because you probably won't have a pension, but how can you do that when you want to buy a house? You know you're supposed to live within your means, but how can you do that when you have student debts and your career is going from contract to contract? For help with these and other questions, check out our new Gen Y Money group on Facebook.
The group is a place for teens and 20/30-somethings to ask and answer questions about money. It's all about millennials helping millennials, with input from Rob Carrick, the Globe's personal finance columnist, and Roma Luciw, personal finance editor. Having conducted many financial literacy sessions on university and college campuses, they know how hungry millennials are for financial information that is relevant to their lives and not offered by people selling things.
Expect our new Facebook group to address all the financial challenges faced by millennials – rising post-secondary tuition costs and student debt, a tough job market, lack of pensions and expensive housing. We will also dig into topics like how much to spend on a wedding and how much insurance millennials need. Our goal is for the members of Gen Y to help each other make better money decisions.
The new Facebook group is closed, which means you need to request to join. That's our way of helping participants feel comfortable discussing their personal finances. Only members of the group will see your posts. You can request to join by logging into Facebook and then clicking on this link. Join today and get those Gen Y money questions answered.