Personal finance education is important because of this. It can help people make informed decisions about their money and set them up for a more secure financial future. Many people were not taught about money. The consequences of this lack of financial education have been dire, and it is essential that we take steps to improve the situation. We need to help reverse these trends by sharing good money habits. We can create a better future for ourselves and generations to come if we commit to being smart with our finances. This is the primary reason we launched the Millennial Money Minutes podcast and distill down personal finance topics in 5 min or less.
A report released last week shows how far behind we are compared to our Boomer parents. If we don’t start working harder now, our future may not be as secure as it was for the Boomers, according to a report. The report titled “Measuring Generational Declines Between Baby Boomers & Millennials” was written by an advocacy group called the Young Invincibles and has some really stark statistics I had to share.
Most of the reports I get are boring and out of touch with the younger generation. I’m always looking for new ways to make these reports more relevant to the younger generation. Not this one. This is the most mind-blowing report on Millennials and Money research I’ve seen yet. I didn’t know it had gotten so bad. I don’t know what to do because I’m starting to feel overwhelmed. The new report is based on data from the previous year, so I hope that the picture has improved since then. It will be interesting to see if the data from the report reflects any changes that have taken place in the intervening years.
Let’s look at some of the findings:
Five Reasons Millennials Might be F*cked
1. Millennial net worths are half as much as Boomers when they were the same age
How long is it taking our parents to retire? They may never be able to enjoy their retirement years to the fullest. Many of them are in their 60’s and still working. There are tons of reports out there that highlight how many Boomers will never be able to retire. What does that mean for young people? This could mean they are more likely to challenge traditional working practices and seek out different opportunities. Will Millennials ever be able to retire?
The 1 million young adults who experienced long-term unemployment during the recession will collectively miss out on $20 billion in earnings over the next decade, according to a report. This figure could have long-term implications for the affected individuals and the economy as a whole.
This fact is very close to home. I’m having a hard time coming to terms with it. During the recession, I was laid off from my first job. I wanted to use the opportunity to create something new and successful. Many of my friends are in the same situation and haven’t started saving even though they are in their late 20s or early 30s. It’s never too late to start saving, and I’m glad I started early so that I can be comfortable in the future.
2. Our average wages are 20% lower and we earn $10,000 less per year than our parents
According to the report, our Boomer parents earned over $50,000 at the same age, while the average young person earned over $40,000. The 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 888-282-0476 Many young people are underemployed. This is a trend that needs to be addressed because it has become a common issue for many young adults. Many studies use your early career wages as a predictor of your future income potential. Investing in yourself early on has been shown to have a lasting impact on your financial success. It’s also estimated that your starting job salary can impact your potential future earnings by over $500,000. It means that many of us are behind our parents.
3. If you are a Millennial with a college degree and student loan debt you earn the same amount as someone in 1989 with only a high school education
WTF. Really? This is shocking. I can’t believe it has happened. Like ridiculously shocking. So with all that student loan debt that many of us are still carrying, my wife included, would we have been better off not going to college? Even if it is even remotely true of college graduates, it is still really unfortunate. It’s a reminder of the challenges young people face in the job market. There are some people with student loan debt who might never catch up. I strongly recommend consolidating your loans, refinance to the lowest rate possible using services like
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