One of the big events for financial literacy each year in the Twin Cities will resume this weekend in a hybrid style influenced by post-pandemic work and life habits.
Financial Planning Day resumes in St. Paul this weekend, with virtual sessions also available
How to start an emergency fund and manage student loan debt are some of the key topics at the annual event hosted by Minnesota financial planners.
October 7, 2021 at 5:39PM
About 20 financial planners will provide advice at Financial Planning Day this Saturday in St. Paul. Anyone can drop by for one-on-one advising from 10 a.m. to 1 p.m. at the Wilder Center, 451 Lexington Parkway N.
During the one-on-one sessions, the financial planners do not solicit business or hand out business cards but they are able to discuss a wide range of concerns.
The Financial Planning Association, which runs the event, decided to add virtual one-on-one sessions this week and throughout the year.
This year's hybrid approach comes after last year's event went fully virtual. Saturday's workshops will focus on developing a financial plan, including creating an emergency fund and anticipating the next market downturn.
For many young adults who represent a key market for planners, one challenge this fall is that student loan payments are coming due again.
The U.S. Department of Education announced in August a final extension of the student loan payment pause until Jan. 31, which was a big relief for those who experienced pandemic furloughs or layoffs.
"If it helped them save $200 or more a month, that goes a long way when your income's taken away," said Pete Snow, a certified financial planner with NFP and the 2022 president of the Financial Planning Association's Minnesota chapter.
Snow advises younger people to plan for unexpected turbulence, such as the pandemic shutdowns, by saving a two- to six-month emergency fund as a first step. For those who feel that's impossible, Certified Financial Planner Tiffany Walker recommends automating savings monthly in a separate account. "That's really key," she said. "Even $5 or $10 a month is a start."
The initial panic over covering the bills that she saw last year as shutdowns began is subsiding.
"It seems like now people are willing and able to take that longer term view again, rather than thinking about, 'How am I going to put food on the table and pay my rent or mortgage?' " said Walker, who works at Captrust in Minneapolis.
During the past year, she's seen the Great Resignation play out. Many boomers, who had been happy to go to work for social engagement and a paycheck, started considering retirement. Often, they went from a paying job to assisting with their grandchildren's childcare so the parents could juggle Zoom calls at home. "That shift in priorities was what I saw," Walker said.
Snow says many people who attend Financial Planning Day ask how much money will be enough to retire. An adviser will discuss their potential income sources and spending plans with them. "You'd be surprised how many people show up and are in pretty good shape but who don't realize it," he said.
Anyone interested can schedule a free in-person Zoom meeting with a financial planner by e-mailing volunteers@fpamn.org or calling 763-781-1212.
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