SunTrust Wants You to Declare Your Financial Independence

Staff Report From Georgia CEO

Thursday, June 30th, 2016

According to its 2016 National Financial Confidence Survey, SunTrust Banks, Inc. found 1 in 4 millennials between the ages of 21 and 34 remain financially dependent on their parents for some expenses. Of this group, 72 percent say they would have trouble paying their bills without parental assistance. The most common forms of financial help include cell phones, car insurance, household expenses, medical insurance and rent/mortgage.

With 47 percent of parents saying this financial assistance causes them some or a great deal of financial stress, SunTrust offers the following tips to help millennials take a step toward gaining their financial independence: 

  1. Track your spending. If you don't know where your money goes, it can be difficult to find opportunities to save. Keep track of your spending habits to help identify areas where you can cut expenses.

  2. Set savings goals. It's easier to stay on track if you have a savings target in mind. Figure out how much you need to save and then start doing it by setting up automatic transfers from your checking account, or direct deposits from your paychecks, into a savings account.

  3. Develop a credit history by putting bills under your name and paying them on time. This will allow you to more easily apply for and receive a mortgage and other loans when ready.

  4. Start investing now. If your employer has a retirement plan, utilize it. Even if it's just a small percentage to start, the early years of employment are important. The money saved now will allow for compounding interest to work in your favor all the years leading into retirement.

  5. Enter for a chance to win the Year onUp Sweepstakes at between June 29 and August 31. Twenty-five winners will receive the amount of their monthly mortgage, auto or student loan payments for an entire year, up to a certain value. The money saved can be put into a savings account to help with a future down payment or other financial goals.

"The first years following college graduation can be tough to gain the right financial footing," said Brian Ford, SunTrust Financial Well-Being Executive. "In an effort to raise awareness on ways to achieve financial independence, we are sparking a movement at and helping to build financial confidence in America."

At, consumers can enter for a chance to win the amount of their monthly mortgage, auto or student loan payments for an entire year, up to a certain value. While this sweepstakes will reward 25 winners, everyone can benefit by learning financial habits that will help them down the road to a strong financial future.

For more tips surrounding everything from smart banking to home ownership, and to enter the Year onUp sweepstakes, visit