Millennials are holding on by the skin of their wallet
The Future. More than any other generation, Millennials are living paycheck to paycheck… and there is little sign that the trend will be reversing any time soon. The skyrocketing costs of living may be a key reason why so many Millennials are turning to retail investing and cryptocurrencies as a way to change their circumstances.
Too little for too much
Millennials are just trying to pay the bills.
- According to a survey by PYMNTS and LendingClub, 70% of American Millennials are living paycheck to paycheck.
- Meanwhile, that number is only 54% for Americans overall.
Many Millennials — which represents people ages 25 to 40 — are in the midst of making life-altering decisions, like starting a family or buying a home. These things cost money.
With wages stagnated, housing costs soaring, childcare more expensive than ever, healthcare premiums skyrocketing, and student debt an endless burden, every penny made by Millennials is earmarked for keeping things afloat. Very little is going toward preparing for the future.
What is surprising is that even 60% of Millennials who are making six figures report that they’re also living paycheck to paycheck. While the report points out that most Millennials are responsible spenders, some are self-inflicted victims of “lifestyle creep.” Looks like not even a generation raised on late-capitalism criticism are immune from “Keeping up with the Joneses” syndrome.