Millennials are part of the United States’ most educated generation. They’re part of the country’s biggest generation as well. That doesn’t mean, however, that they’ve beat earlier generations in the comfort department. They actually earn much less money than the individuals who were part of the baby boomer generation, interestingly enough. This foreshadows a financial tomorrow that may pose a problem for modern youth. Young Invincibles is the name of an advocacy organization that recently studied this topic in significant detail.
Members of the organization evaluated Federal Reserve information from 2013. They analyzed people who were between the ages of 25 and 35 at the time. They looked at information right next to data from the late eighties. They discovered that modern millennials have median incomes of roughly $40,000. That’s a steep reduction of 20 percent. Baby boomers from decades ago made a lot more money. They had substantially more assets as well.
Millennials have many problems that contribute to their financial woes. They often have considerable student loans, first and foremost. It isn’t too common for millennials to be homeowners. They often reside at home with their families. Although they generally have strong educations on their sides, it isn’t always easy for them to secure positions that pay well. A major recession didn’t help matters for them. Reduced beginning wages are an issue for many millennials all throughout the United States. Their lifestyles just aren’t as comfortable as those baby boomers got the chance to experience.
Young Invincibles’ evaluation strived to assist millennials who are in the midst of financial struggles. It gave influential policymakers various tips as well. It advocated the concept of increasing the minimum wage in the United States, first of all. It talked about giving employees paid medical and family leave. It even discussed the advantages of apprenticeships that are suitable for all kinds of middle-class positions. The organization’s research discovered that higher learning remains a smart investment path. College costs a substantial amount of money. It remains worthwhile for millennials who want to gain success in their careers, though. Millennials who are equipped with college degrees generally are able to gather strong retirement funds. Lack of a college education can be a problem for millennials who are looking to guarantee pleasant and hassle-free retirements.
Millennial financial wellness is vital not just for the individuals themselves. It’s vital for the state of the country overall.