Posted on 05/02/2023 5:34:43 PM PDT by nickcarraway
About 7 in 10 millennials in the U.S. are living paycheck to paycheck, with many struggling to pay off their bills every month, a new survey shows.
The main reasons for millennials' financial distress is heavy debt and the financial pressure of having to look after dependent family members, according to the survey from personal finance site Pymnts and LendingClub, an online lender.
By comparison, about half of baby boomers live paycheck to paycheck, compared to 64% of Gen Xers and 66% of Gen Z. Across all age groups, 60% of U.S. adults live paycheck to paycheck, down from 64% during this same period last year, Pymnts said.
Generation broke Nearly three-quarters of U.S. millennials say they live paycheck to paycheck, according to a recent survey. Jul2021 Oct Jan2022 Apr Jul Oct Jan2023 30 35 40 45 50 55 60 65 70 75% Baby boomers and seniors2021 Nov 152% Baby boomers and seniors2021 Nov 152% Generation XBaby boomers and seniorsGeneration ZMillennials Chart: Irina Ivanova Source: Lending Club/PYMNTS The U.S. has more than 92 million millennials, meaning the age groups accounts for more than a quarter of the American population. History has not been kind to this generation: They have lived through three recessions — the sharp downturns that followed the 2001 dotcom crash, 2008 housing bust and 2020 coronavirus pandemic. As a result, millennials have faced the worst economic conditions of any generation in U.S. history, the Washington Post reported.
Older millennials are racking up debt faster than any other generation, accounting for $4 trillion owed as of February, according to New York Federal Reserve data. A Federal Reserve Bank of St. Louis study found that Black millennials in particular are less wealthy than their baby boomer parents at that comparable age and are also falling well behind their White and Hispanic millennial peers in building net worth.
Millennials are also putting off major financial milestones like buying a home or saving for retirement because of crippling student loan debt.
Despite those woes, millennials say they're saving more money these days, according to Pymnts. Millennial respondents to the survey reported $11,000 socked away on average last month compared to $7,300 a year ago.
"This suggests that, like other paycheck-to-paycheck consumers, they have learned to manage their finances through multiple recessions and financial crises," the survey stated.
I didn’t realize there was any other way. Nobody else in the trailer park had heard of it either.
Not everybody gets a paycheck. Those that do, are supporting the freeloaders (illegals, homeless, welfare recipients etc.) via confiscatory taxes and fees.
Most young people in every generation lived paycheck to paycheck. As much as I am down on millennials, they have a lot going against them. In the good old days, a young couple could afford a house. These days, you can’t afford a house until you are in your 30s unless you get help from the parents. Millennials also faced a massive recession in 2009 that did not really end until about 2016 and then they faced COVID. So they are not used to the boom years that my generation had with Reagan and even Clinton. But millennials do themselves no favors with their favoring Socialism and wanting “lifestyle” over “work” (meaning they aren’t focused on increasing their income).
Not just youngsters. Some of us old farts have had some bad luck beyond our control and are about to starve...
Young people tend to have little money.
Old people tend to have a lot more money.
Not necessarily news.
But, having said that, I think Boomers and Gen X were born at pretty fortunate times. The generations that came after seem to have been screwed over pretty badly.
It's really infuriating to me that these folks took out loans for what they thought was an education to better their lives, but instead they got an indoctrination that ruined their lives.
They got shafted at school which emphasized getting to college rather than self-improvement. Their parents learned abc’s in Kindergarden and not how to be LGBT.
They shafted themselves with their vote.
Don’t they mean from Food Stamp issue to Food STamp issue.
Sorry to hear that because sooner or later those of us with a little dough will be bailing them out.
“Millennials are also putting off major financial milestones like buying a home or saving for retirement because of crippling student loan debt.”
Well then.. perhaps they should’ve gone to trade schools. They’d have a salable skill, be earning respectable money and their debts would be far lower.
Maybe we should bring our manufacturing and tech jobs back. Judging from the latest inflation numbers we don’t seem to be saving money the free traitors promised we would anyway. At least more of us would be generating real wealth, as opposed to borrowing from other countries to keep the economy from crashing altogether.
work day to day, pay to pay
https://www.youtube.com/watch?v=RlUDesIV5bc&list=PL5EL6YNCMJICQiU8UqzoS4p3HWCs0NlLc&index=7
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