14 Cheap but Fun Ideas for a Valentine (or Any Time!) Date Night

Love isn’t free…that is, if you are trying to prove your love with an extravagant Valentine’s Day gift. In fact a survey from the National Retail Foundation found that Americans are expected to spend a record amount on Valentine’s Day this year…an average of $161.96, which is up 13 percent from the average in 2018.

Think quick: Where did that money go last year? We bet you don’t even remember because it was probably either wasted on an overpriced, mediocre meal at a crowded restaurant or spent on a “meh” gift like a stuffed animal or chocolates. This year, instead of spending money on stuff you don’t want or need, why not create some real memories with an activity that is both frugal and fun. Here are 14 choices we love.

  1. Get physical. Come on; we’re talking exercise. There’s not much that’s more romantic than working out with your partner—think about it; you’re in close proximity, you’re dressed down, and you’re doing something that will help you live an even longer life together. A class like yoga or Pilates can be a good choice with its relaxing combination of mindfulness and stretching, but you could also take a romantic stroll or go ice skating or roller skating. Don’t forget to hold hands during couples skate. 
  2. Cook at home. This is a no brainer…cooking together doubles as an activity and a meal. Since Valentine’s Day is the second biggest restaurant day of the year (after Mother’s Day), there’s no reason to go out with the masses when you can cook a perfectly fabulous steak or other luscious delicacy at home. 
  3. Dine out for dessert.  If you really want to eat out, your best choice is a sweet treat…you’ll spend far less than you would forking out big bucks for overpriced pasta. Less money, far more fun. Find a bakery that has your favorite desserts or go to the nicest restaurant in town and eat something decadent a deux, with a price tag that’s pretty sweet. 
  4. Sing karaoke. If there’s ever a night that calls for a power ballad duet, it’s Valentine’s. Find a local hotspot and sing your heart out to your beloved. 
  5. Go window shopping. Honestly just looking and trying on is half the fun. Go to a posh boutique or specialty store and indulge your inner fashionista by trying on clothes and shoes you’d never buy—and maybe would never even wear outside the dressing room. Or go to a thrift store and pick out comical options for your partner.
  6. See a production at a local community theater. Seek out free or low-priced local shows to have a Broadway-style evening at an affordable price.
  7. Get your paint on. Whether painting a keepsake piece of pottery or attending a “wine and paint” night where an instructor helps you create a masterpiece, getting arty together makes for a fun evening—and you’ll get to bring a souvenir home.
  8. Visit a museum. Fun fact: Many libraries have culture passes that offer free or reduced admission to local museums. 
  9. Babysit for a friend or relative. This maybe doesn’t count as the most romantic night ever, but you’ll feel good letting them have an evening out—and you can see whether parenthood appeals.
  10. Plan your dream vacation. Get on your devices and research a place you’ve always wanted to visit—or that you think your partner has always wanted to visit—and create an itinerary. Dare to dream.   
  11. Have a scavenger hunt. Make clues based on special places the two of you have been and hide them around town. Or if the weather is bad, take it indoors to a mall. 
  12. Participate in a trivia night. Many restaurants and pubs host trivia nights; make it a double date or join with some others and make a team for an information-packed night out. 
  13. Find a bar with free music. Check out the local arts paper to find a place or two that offers free music. Don’t forget to tip the musicians, though. 
  14. Huddle in with board games or a movie. Light some candles, open a bottle of wine…what more would you need? 




Ten Ways To Show Your Employees You “Love” Having Them Work For You

Want to keep your employees happy? The answer might be
easier than you think—in fact, a surprising 81
percent of employees say they would work harder for an employer who made them
feel appreciated
. With Valentine’s Day right around the corner, it’s the
perfect time to let your employees know how much you appreciate their hard
work. Here are 10 ideas to get you started.

Say it with food.

This one’s a no-brainer; everyone loves unexpected food. Surprise
the team with donuts in the breakroom or a full-on pasta lunch at noon. Another
fun idea that doubles as a team activity is to create a sundae bar and let
employees make their own sweet treat.

Order each person
their own coffee mug.

Spend some time browsing online and buy a coffee mug for
each member of the team that reflects something that reminds you of
them—whether it’s a hobby they enjoy or a motivational saying that reminds you
of them. They’ll appreciate the thought you put into it, as well as the fact
that you have recognized them individually. And as a bonus side benefit, no one
will ever wonder which mug is theirs again. 

Volunteer together.

Show your heart by going out in the community and doing a
good deed together. You might bring sandwiches and mittens to the homeless or
help at a local food bank. Everyone will feel a warm glow when they know
they’ve brightened someone else’s day.

Start a mutual
admiration chain.

Everyone likes to hear they do a great job; this is the
perfect time for everyone on the team to say something nice about each other.
Make a book for everyone and invite team members to write a little note of appreciation
about something they do that makes the work day smoother for everyone.

Ask what they need.          

Sometimes the best way to show appreciation to employees is
to let them voice their concerns or issues. Create a suggestion box that you actually
use to find out what’s on their mind. Kick off the program with a special team
meeting where you explain the goals and ask employees if they’d like to voice any
thoughts right away. Keep the meeting positive with a light tone—and provide
food, of course.

Host dinner on you.

They probably don’t want to eat dinner with you on Valentine’s Day, but you can still spring for dinner. Find out a favorite
restaurant of each employee and give a gift certificate or just tuck a $50 bill
in a card where you have expressed your appreciation.

Host a team-building
activity (that’s actually fun).

A lot of these so-called activities can be quite awkward.
That’s why we put together a list of
six really cool ideas for group activities
that they wouldn’t hate—no trust
falls included.

Buy a group gift.

Is your dishwasher on its last legs or coffee maker a relic?
Consider buying something special for the kitchen or break room that everyone
can enjoy in the days ahead. Or, if your appliances are all up to par, spring
for a gourmet coffee or snack service—a little something extra to show you’re
thinking of your employees and appreciate their hard work.

Remind them of all
the ways you take care of them.

Sometimes HR can struggle with a creative way to remind employees
of their benefits, and Valentine’s Day provides the perfect opportunity to send
an email summarizing your programs—such as healthcare, disability
insurance
, gym memberships, etc., and highlight how you take care of your
employees all year long.

Give them the
afternoon off.

It’s hard to beat the offer for more time with their loved
ones. Surprise the team with a “free” afternoon off—that they can take on an impromptu
basis or save for a time that they can plan ahead and make the most of it.   

Valentine’s Day is the perfect time to show everyone in your
life how special they are—even employees. With a little creativity, you can
send them home for the day feeling a little more appreciated. You’ll be glad
you did, as gratitude gives a boost to both the giver and the recipient.




Resolution Reboot: Ditch the February Funk and Recommit to Your Resolutions

When February rolls around, some of us fist pump the air. “Yay! A whole month with my resolution.” Others (a larger amount, by the way) think, “Ugh. I have already failed.” Here’s the thing: February is a great time to reboot your resolution. In fact, ANY TIME is a great time. There is nothing magical about January 1.

As author and behavioral scientist Daniel Pink shares in his book When: The Scientific Secrets of Perfect Timing, “imbuing an otherwise ordinary day with personal meaning generates the power to activate new beginnings.”

That means that while January 1 carries a weighty significance as a change catalyst, we really could choose any day as that ideal day for new beginnings. So, why not today?

Here are three common resolution fails, along with reasons why now is the perfect time to start back up.

 

  1. Your gym membership is already gathering dust.

If you were one of the hordes who enthusiastically joined a gym at the beginning of the year, you are far from alone. If you are one who quit going by February 1 (or earlier!), again, far from alone. In fact, one survey found that nearly half of Americans had given up their exercise resolution to hit the gym by the end of January. Some felt judged; others found a gym membership too pricey; and still others couldn’t find the time.

But February is actually a fantastic time to give the gym one more shot—precisely because so many people have abandoned it, thus negating at least one of the reasons mentioned above. Of course a gym can feel intimidating when it’s overly crowded; you can feel as though you’re not getting your money’s worth when every station is in use or you’re turned away from class; and it can be extra hard to fit into your schedule when you have to wait to get a parking spot or time on the machines.

And remember, a gym isn’t the only place to get your sweat on. Temps are starting to climb from the polar freeze of January, and February is a great month to try snow shoeing or ice skating or even a walk outdoors to spot those crocuses pushing through. Or, you could commit to using your Netflix for something other than binge watching and find an exercise video to try.

 

  1. You gave up eating healthfully.

Here’s something that people don’t always realize: Winter fruits and vegetables aren’t always that exciting. In fact, it can be far easier to start a healthy eating plan as you head toward spring and the promise of berries and tomatoes. Alas, we’re not there yet, but you can still make strides in that direction, incorporating frozen fruits into smoothies, or trying a new recipe with a winter veggie, knowing that more choices are around the corner.

And remember that eating well doesn’t have to be all or nothing. Even making small changes—forgoing that afternoon vending machine cookie or after-dinner ice cream—can add up to big results when done consistently, and is often far more palatable than making a drastic change that’s hard to sustain.

 

  1. The clutter has piled up—again.

Did you join the Marie Kondo bandwagon? The pressure to decide if your items “spark joy” can be intense. But what many would-be organizers don’t realize is that it doesn’t have to be all or nothing. A better strategy if you want to keep your house a little more organized is to adopt some daily habits that keep clutter at bay. For example:

  • Handle the mail and recycle liberally every day so it doesn’t pile up. (Bonus: You’ll never get hit with a late fee if you take care of paying bills as soon as they come in.)
  • Create a system to deal with jackets, shoes, mittens, etc. You might be surprised at what the calming effect of a clutter-free entry. This change alone can make your house feel less disorganized.
  • Run your dishwashers every night and empty it every morning so dishes don’t pile up in the sink.

There! With these three small changes you’ll be back on track…and you can tackle those drawers and closets at your leisure.

(And if you want to feel a little better about not getting rid of everything in your house, consider this story of a mom who inadvertently gave away one of her son’s mugs, which unfortunately was crammed with cash. No joy there!)




Keeping Your Office Healthy: Five Ways to Keep Germs at Bay

It used to be that one sign of a good worker was just powering through the day, even if you felt crummy. Now, the opposite is true, as workplaces get wise to the fact that a sick employee isn’t likely to get much done—except potentially spreading their germs to the rest of the team.

In fact, those coughing, sneezing coworkers can be a health hazard to everyone around them—just by breathing. One study estimates that more than 60 percent of people with flu symptoms admitted to leaving their house—presumably many of them to head to work—while they were sick. And that’s a lot of germs being passed around, infecting even healthy people.

Here are some ways that the HR team can contribute to a healthier workplace.

 

  1. Offer sick days

 

Many employees come to work sick because they think it’s expected. But creating a relatively lenient sick day policy might actually save you money in the long run, if workers stay home and keep their germs to themselves. One study found that “presenteeism,” the lack of productivity in workers experiencing health problems, can cost U.S. companies up to $150 billion annually.

 

Sick days can help stem the tide of germ-sharing in the workplace, according to a study by the National Bureau of Economic Research. Researchers found that flu cases dropped in cities that adopted paid sick-leave mandates.

The key is to make sure employees know the policy and the protocol for calling out sick (see below for more on helping them telecommute.) And be aware of the duration of the illness; you might need to touch base with an employee if a spate of sick days is stretching into a case for when short-term disability insurance should potentially kick in.

 

  1. Create work-at-home protocols.

 

When deadlines loom, many employees might feel that taking a sick day will just make things worse when they return. According to one study, more than 40 percent of employees said that was the reason they came to the office while sick—to avoid future work overload.

 

But the truth is that many employees can do key parts of their job remotely—even if it isn’t feasible all the time. However, that can raise the question of whether the employee has actually taken a “sick day” or not, which can impact their compensation. That’s why you might want to consider implementing a policy that covers some of those issues, such as how their time will be tracked and how many “work-at-home-while-sick” days each employee can take.

 

Having a clear policy can protect your company so you can verify that work is actually being done, while avoiding the risk of having employees spreading germs to others.

 

  1. Encourage your team to get flu shots.

 

Of course it’s best to get the flu shot earlier in the season, but it’s never too late to help prevent an office epidemic. In fact, the Centers for Diseases Control and Prevention (CDC) says, “Getting vaccinated later, however, can still be beneficial and vaccination should continue to be offered throughout flu season.” And since flu outbreaks happen at different times in different communities, you may still have time. If yours hasn’t hit yet, getting vaccinated pronto could help keep people safe from it.

 

  1. Kill workplace germs as fast as you can.

 

It’s amazing how fast a virus can move in an office,” says Charles Gerba, a microbiologist and coauthor of The Germ Freak’s Guide to Outwitting Colds and Flu. “If one person comes in with the cold or flu, he can infect as many as one-third of his fellow office mates within a day.”

 

Pay special attention to wiping down objects in community areas like the printer, copier, refrigerator handles, and door handles—and don’t forget the coffee pot. And encourage employees to wipe down their stations frequently also.

 

  1. Encourage healthy habits.

 

One of the best ways to build immunities that help stave off illness is to adopt healthy behaviors, such as getting adequate sleep, eating well and exercising regularly.

You can play a role by sharing articles with healthy tips (such as those found on this site) or by encouraging employees to sip water and munch on healthier choices, if your workplace offers snacks at meetings.

 

With these tips, a healthy office can be within reach.




5 Tips for Snow Day Survival

As any third grader will tell you, there’s really nothing better than a snow day. You’re up early and dressed, because you weren’t sure if the bus was coming. And though it usually requires 45 minutes of parental nagging to get you to put on your boots and coat, once you confirm classes or cancelled, you can be fully bundled up and ready for action in 3.5 seconds. And you feel certain that just because the roads are too dangerous for buses, that’s no excuse for mom and dad not to drive you to your best friend’s house or the nearest sledding hill.

For working grown-ups, however, a snow day can mean falling behind, sacrificing a vacation day, or in some cases not getting paid. If you’re an exempt worker and your office closes due to inclement weather, your employer is legally required to pay you, unless you had already scheduled the day off. But even if you’re not going to loose out on pay or time off, you may be facing the anxiety that comes with missed work.

If you work in snow country, you know snow days are going to happen. You may not know when, but you know they’re coming. Here are five tips to help you survive them:

  1. Plan for the (un)expected. Snow days are going to happen, so talk with your employer about having the equipment and access you need to work from home. For many employees, just keeping up with email can eliminate stress and make it easier to return to the office when the storm passes.

 

  1. Watch the forecast. We usually get a few days warning before a snowstorm. If you know it’s coming, you can adjust your schedule. Move meetings, change travel plans, or look for ways to connect with colleagues online of over the phone.

 

  1. Look for back-up. If you’re home with kids on a snow day, it can be hard to concentrate on work. Coordinate with other parents in the neighborhood. You watch their kids for a couple of hours, and they return the favor later on, giving you both a little quiet time to get things done. If this isn’t an option, toss out your screen-time restrictions and let the kids enjoy a movie while you work.

 

  1. Find a quiet workspace at home. It may be tempting to hunker down on the couch with a laptop and a bag of chips, while the TV plays in the background. But a quiet, dedicated workspace will allow you to be more productive.

 

  1. Have some fun. It’s a snow day, after all, and there’s no reason you can’t let your inner third grader enjoy it. Have a snowball fight or go sledding with the kids. It’ll help wear them out, and give you a well deserved break from work.

 

Just for fun, here are the Top 10 U.S. locations with the most snow days per year.




Want to hire Gen Z? Here’s how to find them…and impress them

Just when you thought you finally had this millennial thing down, a new generation is joining the workplace. Yes, welcome to Gen Z, soon coming to a workplace near you, if they’re not already there.

Gen Z (typically described as those born in 1995 and later) is the first generation to grow up as “digital natives,” that is, they don’t remember a time when they couldn’t access everything they need to know on their computer or device. Therefore the way you recruit Gen Z might be very different from other generations.

That’s why companies today are finding success with new modes of communication, reaching out to Gen Z in the language they speak. For example:

  • McDonald’s takes “Snaplications”: Gen Z spends a lot of time on social media, so why not reach them there? in 2017 McDonald’s launched a program that allowed teens to apply via Snapchat. According to Fortune magazine, “Snapchat users may see a 10-second video ad from McDonald’s employees discussing their experience working there. Then users can then swipe up on the app to be redirected to McDonald’s career webpage in the app to apply for openings.”
  • Advertising agency Havas asked intern candidates to text: Corralling Gen Z’s interest in texting and social justice, a global advertising firm asked prospective interns to text ideas about how to change the world for the better.
  • Investment bank Goldman Sachs uses Snapchat geo-filters: Using a feature called “Campus Story,” Goldman Sachs promoted careers at the investment bank with sponsored segments that would show only to users whose phone had been on a specific campus in the past 24 hours.

If you’re still recruiting the “old-fashioned” way, don’t worry: You’re hardly in the minority. But to appeal to Gen Z, you’ll have to make sure that you are communicating the right messages.

  1. Showcase your creative side.

Whereas employers used to implore employees to spend less time on social media, savvy companies realize that it can actually be a recruiting tool. That’s why some companies design their offices with “Instagrammability” in mind.” For example, a Wall Street Journal article reported that several new hires at LinkedIn were impressed with the pictures they saw on Google Images and Instagram, many of which featured interactive wall art as they sought to learn more about the company’s culture.

One of the images is a “Wheel of Dream Jobs” where employees can spin a huge wheel; another is a mural that has a nearby jacket employees can wear that makes them blend in with the wall. “The art the company has installed…is a major help as far as talent retention and getting people excited,” says Cherish Rosas, an environmental graphic design project manager at LinkedIn.

  1. Offer them variety.

You may have heard that fewer teens are taking summer jobs (or, depending on your business may have struggled to hire them yourself). That’s because today, about 70 percent of teens are self-employed, reports Harvard Business Review.

Because of that, Gen Z are used to autonomy and variety and will be attracted to a workplace that offers diversity in job functions. Consider hiring Gen Z with the promise of a job rotation or cross-training opportunities so they feel confident that they will get the mix of activities that will keep the job fresh.

  1. Never forget they are doing their own research.

Employers have to remember the power of social sharing sites like Glassdoor and LinkedIn, where Gen Z employees are going to find out more about the vibe of the company. Whereas companies used to be able to control their online presence through a sparkling website, now they need to do far more to guard their reputation and ensure that the message they are saying about themselves matches what employees believe.

The only way to create that positive image that will attract Gen Z? You have to practice what you preach. The new transparency means that companies have to make sure their actions match their words, in order to gain the best talent.




Gen Z attitudes more accepting of risk and failure in the workplace

Failure is not only accepted by Generation Z but also welcome, according to a study released this week. In fact, Gen Z attitudes reveal 80 percent think embracing failure on a particular project will lead to innovation, while 17 percent think failure leads to more comfort when taking on risk.

The study, which was done at the 22nd EY annual International Intern Leadership conference this summer, asked 1,400 Gen Z folks about the future of work as they enter the workforce. According to the results, the Gen Z generation is more eager for innovation and accepts that failure is often part of the process.

“With the next generation of our workforce not afraid to fail in order to grow and innovate, organizations should create an environment that allows them to bring their ideas forward, fail fast, and then learn from that failure,” said Natasha Stough, EY Americas Campus Recruiting Leader.

“At EY, this means embracing values like inclusiveness, collaboration, openness and flexibility that best attract these candidates and encourage them to be fearless innovators once they join us.”

Motivation and goals in the workplace

Workplace perceptions and goals were also touched on in the study. More than two-thirds of participants believe that having a curious and open mindset is more important than a specific skill or expertise. In addition, this generation isn’t afraid to look outside of their comfort zone when presented with a challenge. In fact, 24 percent answered they would be excited and honored to do so.

Gen Z is also open to feedback and learning from their mistakes. Ninety seven percent of those questioned said they’d be receptive to feedback on an ongoing basis, while 63 percent said they’d prefer timely, constructive feedback throughout the year.

Gen Z individuals do differ, though, based on gender when it comes to workplace preferences and priorities. Potential for progression and growth was important for 39 percent of respondents when looking for an employer. Competitive salary, however, was a key priority for men, while women prioritized flexible work opportunities.

Technology and teamwork

Even though tech is becoming increasingly prevalent in the workplace, more than 90 percent of those surveyed said they prefer to have a “human element” to their teams, working either with just innovative coworkers or with co-workers and technology paired together. More than twice as many males though prefer to work with tech that allows them to do their job faster and take on higher levels of work, compared to just five percent of females who agree.

Seventy-three percent of females would be more apt to ask a coworker for help with a problem to which they don’t have the answer to however, while only 63 percent of males agree. In addition, more females like to work with coworkers who can challenge and motivate them compared to their male peers.

Diverse education and skills are also critical elements to a successful team environment, according to those surveyed. Having a millennial manager also remains the preference over Gen X or Baby Boomer for 77 percent of respondents – an interesting increase over 67 percent who agreed last year.

Lastly, Gen Z thinks the future looks bright, with 65 percent saying they feel confident that financially, they’ll be better off at work than their parents – the same is said for their overall happiness.

 




Baby on board? How HR can help pregnant employees adjust

Creating a family-friendly workplace is vital for retaining talent—after all, 70 percent of mothers with children under 18 are in the workforce, according to the U.S. Department of Labor. It’s also becoming increasingly common for women to work while pregnant: The Pew Research Center cites Census Bureau data that shows 66 percent of mothers who gave birth to their first child between 2006 and 2008 worked during their pregnancy, compared to only 44 percent who worked during pregnancy in the early 1960s.

Since not all managers might feel comfortable addressing the issue, HR can come alongside the team to play an important role in helping pregnant employees adjust to their upcoming maternity leave—and eventual return. Here are five solid strategies to consider.

Make sure employees understand their benefits

This is a good time to talk with the employee about whether she has any questions about how to get her maternity and post-partum needs handled. You might walk through:

  • Company leave policies
  • What Family Medical Leave Act (FMLA) forms she’ll need to fill out
  • Benefits-related questions such as whether any retirement match continues while on FMLA and details on how to add baby to the insurance policy
  • Information on disability insurance….many people don’t know that pregnancy is the most common cause of short-term disability claims.

Help create a transition plan for the employee with her manager

HR can be a big help in working with the team to help decide how work will be handled in the employee’s absence. Among the factors to consider, depending, of course on the employee’s role are:

  • How and when to tell the internal team
  • How and when to tell clients
  • Who will take over the work, as in will you be hiring a temporary replacement or dividing it among the existing workforce
  • How to best document project statuses to ensure the right people are in the loop
  • A checklist of day-to-day duties that others might not be aware of
  • A plan for who will manage existing direct reports
  • Proposed availability (if at all) during maternity leave, understanding that some of these details may change
  • A plan for the return, including potential part-time work to make the transition smoother
  • A document detailing what happens if she should go into labor in the office, including information about where she plans to deliver; phone numbers of doctor, doula or midwife; emergency contacts, etc.

The goal is to cover all potential issues to coordinate a seamless exit and pave the way for a pleasant return.

Create a mentoring program or support group

Becoming a parent is overwhelming and can place a lot of stress on a young mom (or dad!) trying to juggle a job. Many companies find that the first few months are crucial for eventual retention, and if a parent feels supported and understood, they are liable to make it work out.

That’s why you should consider hosting a support group where parents can meet to discuss and share issues related to childcare and other pressing topics. (Remember that HR should serve in an advisory role, rather than as a facilitator, to keep the conversation open and honest—and helpful.)

Pairing a returning parent with an experienced co-worker can also make the transition easier. They likely have many questions related to everything from work/life balance and how to travel as a new parent to helping get their baby into a sleep routine.

Set up a mother’s room

Many young mothers come back to work planning to pump, and find themselves thwarted by a lack of private facilities. Ease the burden on new moms by setting aside a walled-in space (with a lock!) where moms can retreat when they need to pump. Include a comfy chair, a TV and a fridge to store milk.

Strike a cautious note

You want to be careful not to overstep your bounds and assume something that isn’t true, such as that a pregnant employee is just going to quit or that a new mom won’t want to travel—many women want to keep their workload as robust as ever. Take care not to make assumptions, but rather to keep the lines of communication open for the best chance of retaining employees after their little bundle of joy is born.

And of course, at all times HR must take care to follow all applicable laws and ensure others in the company do the same.




For millennials, app use and financial literacy don’t go hand in hand

A recent study released last week found despite the number of financial apps millennials are using, their personal finance management skills are severely lacking.

The report, released by the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business, examined the personal finance knowledge of millennials.

Titled “Millennial Financial Literacy and Fin-Tech Use: Who Knows What in the Digital Era,” the study utilized the TIAA Institute-GFLEC 2018 Personal Finance Index (P-Fin Index) to test millennials’ finance knowledge and found that 44 percent of millennials answered the P-Fin Index questions correctly, compared to 50 percent of the US adult population.

In addition, younger millennials (ages 18-27) answered 41 percent of P-Fin Index questions correctly, compared to 47 percent of older millennials (ages 28-37).

“The millennial oversample in this year’s P-Fin Index sheds a light on the use of mobile technology, and the impact that it has had on an increasingly influential generation,” said Stephanie Bell-Rose, Head of the TIAA Institute.

“As technology continues to develop ways to make our lives easier, it is clear that we cannot exclusively rely on it to guide us through our financial lives. Our research underscores the importance of financial literacy and its complementary relationship with fin-tech in producing good outcomes.”

Both older and younger millennials are hurting most in the areas of understanding risk and insuring, the study found. Understanding insurance, in particular, saw the greatest gap between younger and older millennials. Financial literacy is highest in the area of borrowing and debt management for both younger and older millennials.

The study also looked at how millennials use these apps to track their personal finances, as well as the effect of this fin-tech on financial outcomes.

About 80 percent of millennials use their smartphones to do things like pay bills and deposit checks, while 90 percent use their phones for things like tracking spending.

However, although apps make it easy to manage money, those who do via the technology don’t always make financially savvy decisions. Almost 30 percent of millennials who use their smartphone to make mobile payments report overdrawing their checking account, compared with 20 percent who do not make mobile payments.

In addition, one-quarter of those who track spending with their smartphone report overdrawing their accounts, compared with 20 percent of those who do not track spending via their smartphone.

“The low level of financial literacy among millennials speaks of the importance of equipping this large generation with the knowledge and skills that are needed to make financial decisions in the digital era,” said Annamaria Lusardi, Academic Director at GFLEC and the Denit Trust Chair of Economics and Accountancy at GW.

“This study shows that fin-tech users have different needs and characteristics, providing many opportunities for innovation for fin-tech developers.”

 

 




When millennials become the bosses: Helping generations work together

Today’s workplace is a historic mash-up, as it’s the first time we’ve had five generations in the workplace at the same time.

Of course, it’s true that the oldest cohort, the “traditionalists,” are aging out, but most generation watchers include them since their influence can still be felt in many workplace structures that continue today. And while Baby Boomers are also nearing retirement age, more workers are participating in the workforce, at least part time, for longer. And as they cling on to their former roles, Gen Z is fast approaching.

But the group that most HR professionals are attuned to are the millennials, and with good reason. Today, millennials are the largest generation in the U.S. workforce, according to the Pew Research Center. And that means that even though there are older generations still in the average office, more and more millennials are going to be “the boss,” even for these workers who are older than them.

Here are some tips that can help ease the path for generations working together.

Explain style differences.

The reality is that many of the elements that we typically think of as “millennial” in nature, such as wanting feedback and coaching, are actually prized by all generations. However, if older generations are used to an ‘”annual review,” they might worry that they are being micromanaged if they get more frequent one-on-ones. Millennial managers might consider talking to colleagues about how and when they prefer to receive feedback to make sure that the team realizes it’s for their benefit, and not to nag.

Focus on the benefits of a diverse team.

Often we think of “diversity” in terms of gender and culture, but age is a factor as well. Research shows that diverse teams produce better outcomes, and that includes having members of various ages on teams. In fact, the Randstad Workmonitor report found that 90 percent believed it was a benefit to have co-workers of different ages working together. By helping your millennial managers and their teams see the why behind diverse teams, they may be more liable to embrace them.

Beware of stereotypes.

Millennials are entitled. Baby Boomers are old fuddy duddies. It’s very easy to group every member of a generation together, but we all know that it’s rarely the case that all individuals follow a similar mold. Encourage teams to talk about what drives them and share past experiences, and avoid jumping to conclusions and assumptions about what another team member from another generation might be like. For every Gen Xer who wants a face-to-face meeting, there’s another one who’d just assume take care of all conversations on Slack. Millennial managers need to be open to finding out these individual preferences instead of assuming.

Share knowledge for a better overall product.

Older workers might have institutional knowledge that can help younger managers make better decisions and fast track projects. While no one wants to resort to a “This is how it’s always been done” mentality, it can be helpful to know what’s been tried before and learn from past lessons about why something might not have been effective. Similarly, older workers shouldn’t feel shy about asking for help with areas where they might not be as up-to-date, like lead management systems.

All generations have plenty to offer one another, so HR personnel should encourage a collaborative, rather than competitive, environment, no matter who is leading the team. Whether you institute a formal “reverse mentoring” program or just encourage colleagues to reach out to one another, teams that recognize each member can offer value are going to succeed.

The key to integrating mutigenerational work teams successfully — especially when one that is led by a younger manager — is realizing that different generations have as many similarities as they do differences. Working together can make the entire organization stronger.