WASHINGTON--(BUSINESS WIRE)--It’s a new year and new resolutions are underway for many young adults. They’re leaving their parents’ homes and moving out of town, out of state and out of their comfort zone, according to new data from the U.S. Census Bureau. While they’re making big moves, many young adults are also faced with making big financial decisions for the first time on their own.
“Now is the time for them to start practicing good financial habits and getting the right insurance in place so that if something happens, they are protected.”
To help overcome some of these challenges, GEICO has created GEICO’s On Your Own, a website that addresses a variety of topics to help young adults tackle everyday financial decisions such as car buying, renting and managing their money.
“Many young adults are going to college or starting a new job in a new city,” said Janice Minshall, GEICO’s assistant vice president. “GEICO’s On Your Own has a number of resources available to help young adults make smart decisions as they start being on their own.”
More young adults are also buying new cars, reports the J.D. Power and Associates' Power Information Network. Through GEICO’s On Your Own site, young buyers can learn the difference between buying and leasing a car, how to save money and the real truth behind auto insurance. For example, are red cars the most expensive vehicles to insure? The answer is no.
“With the increase of student loans and credit card debt, it’s important for young adults to learn how to be financially responsible,” said Mike Campbell, GEICO’s chief financial officer. “Now is the time for them to start practicing good financial habits and getting the right insurance in place so that if something happens, they are protected.”
For more information on auto buying, renting and being financially responsible, please visit www.geico.com/onyourown.
GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the third-largest private passenger auto insurer in the United States. GEICO handles auto insurance coverage for over 11 million private passenger auto policies and insures more than 18 million vehicles (auto & cycle).