Kiplinger

Millennials: It Might be Time to Break Up with Cash

While some in older generations have come to loathe traditional deposit accounts because of the disappointing rate of return over the last decade, many Millennials have spent their adult years hoarding cash, thinking it is the safest investment. Well, maybe they should think again.

The Federal Reserve's recent decisions to raise interest rates are adding to the incentive to use deposit accounts. As interest rates have risen, Millennials may have felt their choice to park their money in high-yield savings accounts was justified. Additionally, with their comfort in technology, many are able to achieve even greater returns by depositing cash into higher-paying virtual accounts. Some of these accounts currently pay as much as 2.25%.

Keep in mind that Millennials -- those born from 1981 through 1996 -- came of age during the

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