The Future. Millennials are very concerned about their relationship with money… or lack thereof. Nearly half say they probably won’t be able to get the things they want from life because of various economic factors (depressed wages, living costs, etc.) which could make Millennials the first generation to not achieve the American Dream in decades.
A day late and a dollar short
If you’re a Millennial, here’s a revelation that won’t surprise you: you feel like you don’t have enough money.
- A new report from Morning Consult found that 45% of Millennials are “very or completely concerned that their financial situation will prevent them from having the things they want in life.”
- 38% say they feel like they’re always behind on their finances.
- 46% say their finances always or often control their lives.
All of those numbers are more than ten percentage points higher than other adult groups.
Why do Millennials feel so anxious about money? Two recessions (2008 and 2020) before they turn 40, runaway student debt (almost $40K on average), sky-high housing costs, and absurd insurance premiums will do that.
Ernie Tedeschi, who served as a senior policy economist for the White House, said that Millennials have experienced “different economic conditions and realities” than other generations, which has “consequences for individual career prospects and affects their sense of dynamism.” No wonder Gen Z is demanding something better.